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S.B. 100

This document includes Senate Committee Amendments incorporated into the bill on Fri, Jan 30, 2009 at 9:41 AM by rday. --> This document includes Senate Committee Amendments incorporated into the bill on Fri, Jan 30, 2009 at 9:44 AM by rday. --> This document includes Senate Committee Amendments incorporated into the bill on Fri, Jan 30, 2009 at 9:50 AM by rday. -->             


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Senate Committee Amendments 1-30-2009 rd/dsl
1
    
FINANCIAL AND ECONOMIC LITERACY

             2     
EDUCATION AMENDMENTS

             3     
2009 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Chief Sponsor: Patricia W. Jones

             6     
House Sponsor: Marie H. Poulson

             7     

             8      LONG TITLE
             9      General Description:
             10          This bill requires a public school to provide certain financial and economic literacy
             11      information to the parents or guardians of kindergarten students.
             12      Highlighted Provisions:
             13          This bill:
             14          .    requires a public school to provide the following to the parents or guardians of a
             15      kindergarten student:
             16              .    a financial and economic literacy passport; and
             17              .    information about S. higher education savings options, including information
             17a      about .S opening a Utah Educational Savings Plan account; and
             18          .    makes technical corrections.
             19      Monies Appropriated in this Bill:
             20          None
             21      Other Special Clauses:
             22          This bill takes effect on July 1, 2009.
             23      Utah Code Sections Affected:
             24      AMENDS:
             25          53A-13-110, as enacted by Laws of Utah 2008, Chapter 397
             26     

             27      Be it enacted by the Legislature of the state of Utah:



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             28
         Section 1. Section 53A-13-110 is amended to read:
             29           53A-13-110. Financial and economic literacy education.
             30          (1) As used in this section, "financial and economic literacy passport" means a
             31      document that tracks mastery of financial and economic literacy concepts and completion of
             32      financial and economic activities, including the following:
             33          (a) basic budgeting;
             34          (b) saving and financial investments;
             35          (c) banking and financial services, including balancing a checkbook or a bank account;
             36          (d) career management, including earning an income;
             37          (e) rights and responsibilities of renting or buying a home;
             38          (f) retirement planning;
             39          (g) loans and borrowing money, including interest, credit card debt, predatory lending,
             40      and payday loans;
             41          (h) insurance;
             42          (i) federal, state, and local taxes;
             43          (j) charitable giving;
             44          (k) online commerce;
             45          (l) identity fraud and theft;
             46          (m) negative financial consequences of gambling;
             47          (n) bankruptcy;
             48          (o) free markets and prices;
             49          (p) supply and demand;
             50          (q) monetary and fiscal policy;
             51          (r) effective business plan creation, including using economic analysis in creating a
             52      plan;
             53          (s) scarcity and choices;
             54          (t) opportunity cost and tradeoffs;
             55          (u) productivity;
             56          (v) entrepreneurism; and
             57          (w) economic reasoning.
             58          (2) The State Board of Education shall:



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             59
         (a) in cooperation with interested private and non-profit entities:
             60          (i) develop a financial and economic literacy passport that students may elect to
             61      complete;
             62          (ii) develop methods of encouraging parent and educator involvement in completion of
             63      the financial and economic literacy passport; and
             64          (iii) develop and implement appropriate recognition and incentives for students who
             65      complete the financial and economic literacy passport, including:
             66          (A) a financial and economic literacy endorsement on the student's diploma of
             67      graduation;
             68          (B) a specific designation on the student's official transcript; and
             69          (C) any incentives offered by community partners;
             70          (b) more fully integrate existing and new financial and economic literacy education
             71      into instruction in kindergarten through twelfth grade by:
             72          (i) coordinating financial and economic literacy instruction with existing instruction in
             73      other core curriculum areas such as mathematics and social studies;
             74          (ii) using curriculum mapping;
             75          (iii) creating training materials and staff development programs that:
             76          (A) highlight areas of potential coordination between financial and economic literacy
             77      education and other core curriculum concepts; and
             78          (B) demonstrate specific examples of financial and economic literacy concepts as a
             79      way of teaching other core curriculum concepts; and
             80          (iv) using appropriate financial and economic literacy assessments to improve financial
             81      and economic literacy education and, if necessary, developing assessments;
             82          (c) work with interested public, private, and non-profit entities to:
             83          (i) coordinate school use of existing financial and economic literacy education
             84      resources;
             85          (ii) develop simple, clear, and consistent messaging to reinforce and link existing
             86      financial literacy resources; [and]
             87          (iii) coordinate the efforts of school, work, private, non-profit, and other financial
             88      education providers in implementing methods of appropriately communicating to teachers,
             89      students, and parents key financial and economic literacy messages; and



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Senate Committee Amendments 1-30-2009 rd/dsl
             90
         (iv) encourage parents and students to establish S. higher education savings, including .S a
             90a      Utah Educational Savings Plan
             91      account; and
             92          (d) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act,
             93      make rules to develop guidelines and methods for school districts and charter schools to more
             94      fully integrate financial and economic literacy education into other core curriculum courses.
             95          (3) A public school shall provide the following to the parents or guardian of a
             96      kindergarten student during kindergarten enrollment:
             97          (a) a financial and economic literacy passport; and
             98          (b) information about S. higher education savings options, including information
             98a      about .S opening a Utah Educational Savings Plan account.
             99          [(3)] (4) The state superintendent shall annually report to the Education Interim
             100      Committee by November of each year on the successes and areas of needed improvement in
             101      financial and economic literacy education provided pursuant to this section.
             102          Section 2. Effective date.
             103          This bill takes effect on July 1, 2009.





Legislative Review Note
    as of 1-5-09 1:52 PM


Office of Legislative Research and General Counsel


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