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First Substitute S.B. 43
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8 LONG TITLE
9 General Description:
10 This bill modifies provisions relating to financial and economic literacy education.
11 Highlighted Provisions:
12 This bill:
13 . requires the State Board of Education to establish a task force to study and make
14 recommendations to the board on how to improve financial and economic literacy
15 education in the public school system;
16 . requires the task force to study certain issues relating to financial and economic
17 literacy education; and
18 . requires the State Board of Education to report to the Education Interim Committee.
19 Money Appropriated in this Bill:
20 None
21 Other Special Clauses:
22 None
23 Utah Code Sections Affected:
24 AMENDS:
25 53A-13-110, as last amended by Laws of Utah 2009, Chapter 95
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27 Be it enacted by the Legislature of the state of Utah:
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[
31 (a) "Financial and economic literacy passport" means a document that tracks mastery
32 of financial and economic literacy concepts and completion of financial and economic
33 activities[
34 (b) "Financial and economic literacy concepts" include concepts related to the
35 following topics:
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39 account and online banking services;
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44 lending, and payday loans;
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56 creating a plan;
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62 (c) "Financial and economic activities" include activities related to the topics listed in
63 Subsection (1)(b).
64 (2) The State Board of Education shall:
65 (a) in cooperation with interested private and nonprofit entities:
66 (i) develop a financial and economic literacy passport that students may elect to
67 complete;
68 (ii) develop methods of encouraging parent and educator involvement in completion of
69 the financial and economic literacy passport; and
70 (iii) develop and implement appropriate recognition and incentives for students who
71 complete the financial and economic literacy passport, including:
72 (A) a financial and economic literacy endorsement on the student's diploma of
73 graduation;
74 (B) a specific designation on the student's official transcript; and
75 (C) any incentives offered by community partners;
76 (b) more fully integrate existing and new financial and economic literacy education
77 into instruction in kindergarten through [
78 (i) coordinating financial and economic literacy instruction with existing instruction in
79 other core curriculum areas such as mathematics and social studies;
80 (ii) using curriculum mapping;
81 (iii) creating training materials and staff development programs that:
82 (A) highlight areas of potential coordination between financial and economic literacy
83 education and other core curriculum concepts; and
84 (B) demonstrate specific examples of financial and economic literacy concepts as a
85 way of teaching other core curriculum concepts; and
86 (iv) using appropriate financial and economic literacy assessments to improve financial
87 and economic literacy education and, if necessary, developing assessments;
88 (c) work with interested public, private, and nonprofit entities to:
89 (i) coordinate school use of existing financial and economic literacy education
90 resources;
91 (ii) develop simple, clear, and consistent messaging to reinforce and link existing
92 financial literacy resources;
93 (iii) coordinate the efforts of school, work, private, nonprofit, and other financial
94 education providers in implementing methods of appropriately communicating to teachers,
95 students, and parents key financial and economic literacy messages; and
96 (iv) encourage parents and students to establish higher education savings, including a
97 Utah Educational Savings Plan account; and
98 (d) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act,
99 make rules to develop guidelines and methods for school districts and charter schools to more
100 fully integrate financial and economic literacy education into other core curriculum courses.
101 (3) A public school shall provide the following to the parents or guardian of a
102 kindergarten student during kindergarten enrollment:
103 (a) a financial and economic literacy passport; and
104 (b) information about higher education savings options, including information about
105 opening a Utah Educational Savings Plan account.
106 (4) The state superintendent shall annually report to the Education Interim Committee
107 by November of each year on the successes and areas of needed improvement in financial and
108 economic literacy education provided pursuant to this section.
109 (5) (a) The State Board of Education shall establish a task force to study and make
110 recommendations to the board on how to improve financial and economic literacy education in
111 the public school system.
112 (b) The task force membership shall include representatives of:
113 (i) the State Board of Education;
114 (ii) school districts and charter schools; and
115 (iii) private or public entities that teach financial education and share a commitment to
116 empower individuals and families to achieve economic stability, opportunity, and upward
117 mobility.
118 (c) In 2013, the task force shall:
119 (i) review and recommend modifications to the course standards and objectives of the
120 general financial literacy course described in Section 53A-13-108 to ensure the course
121 standards and objectives reflect current and relevant content consistent with the financial and
122 economic literacy concepts listed in Subsection (1)(b);
123 (ii) study the development of an online assessment of students' competency in financial
124 and economic literacy that may be used to:
125 (A) measure student learning growth and proficiency in financial and economic
126 literacy; and
127 (B) assess the effectiveness of instruction in financial and economic literacy;
128 (iii) consider the development of a rigorous, online only, course to fulfill the general
129 financial literacy curriculum and graduation requirements specified in Section 53A-13-108 ;
130 (iv) identify opportunities for teaching financial and economic literacy through an
131 integrated school curriculum and in the regular course of school work;
132 (v) study and make recommendations for educator license endorsements for teachers of
133 financial and economic literacy;
134 (vi) identify efficient and cost-effective methods of delivering professional
135 development in financial and economic literacy content and instructional methods; and
136 (vii) study how financial and economic literacy education may be enhanced through
137 community partnerships.
138 (d) The task force shall reconvene every two years to review and recommend
139 adjustments to the course standards and objectives of the general financial literacy course.
140 (e) The State Board of Education shall make a report to the Education Interim
141 Committee no later than the committee's November 2013 meeting summarizing the findings
142 and recommendations of the task force and actions taken by the board in response to the task
143 force's findings and recommendations.
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