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S.B. 100 Enrolled

             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 higher education savings options, including information
             18      about opening a Utah Educational Savings Plan account; and
             19          .    makes technical corrections.
             20      Monies Appropriated in this Bill:
             21          None
             22      Other Special Clauses:
             23          This bill takes effect on July 1, 2009.
             24      Utah Code Sections Affected:
             25      AMENDS:
             26          53A-13-110, as enacted by Laws of Utah 2008, Chapter 397
             27     
             28      Be it enacted by the Legislature of the state of Utah:
             29          Section 1. Section 53A-13-110 is amended to read:


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


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


             86      resources;
             87          (ii) develop simple, clear, and consistent messaging to reinforce and link existing
             88      financial literacy resources; [and]
             89          (iii) coordinate the efforts of school, work, private, non-profit, and other financial
             90      education providers in implementing methods of appropriately communicating to teachers,
             91      students, and parents key financial and economic literacy messages; and
             92          (iv) encourage parents and students to establish higher education savings, including a
             93      Utah Educational Savings Plan account; and
             94          (d) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act,
             95      make rules to develop guidelines and methods for school districts and charter schools to more
             96      fully integrate financial and economic literacy education into other core curriculum courses.
             97          (3) A public school shall provide the following to the parents or guardian of a
             98      kindergarten student during kindergarten enrollment:
             99          (a) a financial and economic literacy passport; and
             100          (b) information about higher education savings options, including information about
             101      opening a Utah Educational Savings Plan account.
             102          [(3)] (4) The state superintendent shall annually report to the Education Interim
             103      Committee by November of each year on the successes and areas of needed improvement in
             104      financial and economic literacy education provided pursuant to this section.
             105          Section 2. Effective date.
             106          This bill takes effect on July 1, 2009.


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