General Assembly Substitute Bill No. 5490
February Session, 2014 *_____HB05490BA____032014____*
General Assembly
Substitute Bill No. 5490
February Session, 2014
*_____HB05490BA____032014____*
AN ACT CONCERNING FINANCIAL LITERACY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2014) (a) The Department of Education, the Board of Regents for Higher Education, and the Board of Trustees for The University of Connecticut, in consultation with the Department of Banking, shall develop a plan to ensure that each student of a public high school or a constituent unit, as defined in section 10a-1 of the general statutes, receives instruction in financial literacy, including, but not limited to, the impact of using credit cards and debit cards. Such instruction shall occur during a student's final year of high school and, for a student of a constituent unit, not later than such student's completion of his or her second semester at such constituent unit.
(b) The Department of Education, the Board of Regents for Higher Education and the Board of Trustees for The University of Connecticut, shall work with the Department of Banking to leverage any available federal, state or private funds to implement the plan developed pursuant to subsection (a) of this section.
(c) Not later than January 1, 2015, the Commissioner of Education, the president of the Board of Regents for Higher Education, the chairperson of the Board of Trustees for The University of Connecticut and the Banking Commissioner shall report to the joint standing committee of the General Assembly having cognizance of matters relating to banks on the plan developed pursuant to subsection (a) of this section.
Sec. 2. (NEW) (Effective July 1, 2014) (a) The Board of Regents for Higher Education, the Board of Trustees for The University of Connecticut and the Connecticut Conference of Independent Colleges shall ensure that every student who applies for a credit card or debit card through a credit card or debit card issuer, as defined in Section 603(r) of the Fair Credit Reporting Act, 15 USC 1681a, that advertises on the campus of an institution of higher education in this state receives one-on-one financial literacy counseling or a one-page financial literacy sheet that clearly and succinctly explains the financial implications, including incurring the cost of fees, associated with using such credit card or debit card.
(b) Every credit card and debit card issuer that advertises such card issuer's product on the campus of an institution of higher education in this state shall clearly educate each student applying for a credit card or debit card of each of the fees associated with using such credit card or debit card.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2014 New section
Sec. 2 July 1, 2014 New section
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2014
New section
Sec. 2
July 1, 2014
New section
BA Joint Favorable Subst.
BA
Joint Favorable Subst.