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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
SENATE BILL 213 By: Seifried
AS INTRODUCED
An Act relating to schools; amending 70 O.S. 2021,
Section 11-103.6h, which relates to the Passport to
Financial Literacy Act ; updating statutory reference;
requiring personal financial literacy to be t aught by
certain teachers beginning in certain school year;
amending 70 O.S. 2021, Section 1 1-103.6h-1, which
relates to the Personal Financial Literacy Education
Revolving Fund; updating statutory reference;
providing an effective date; and declaring an
emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 70 O.S. 2021, Section 11-103.6h,
is amended to read as follows:
Section 11-103.6h. A. Personal financial literacy education
shall be taught in the public schools of this state. Personal
financial literacy education shall include, but is not limited to,
the following areas of instruction:
1. Understanding interest, c redit card debt, and online
commerce;
2. Rights and responsibilities of renting or buying a home;
3. Savings and investing;
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4. Planning for retirement;
5. Bankruptcy;
6. Banking and financial services ;
7. Managing a bank account;
8. Understanding th e Free Application for Federal Student Aid
(FAFSA), loans, and borrowing money, including predatory le nding and
payday loans;
9. Understanding insurance;
10. Identity fraud and theft;
11. Charitable giving;
12. Understanding the financial impact and co nsequences of
gambling;
13. Earning an income; and
14. Understanding state and federal taxes.
B. In order to graduate from a public high school accredited by
the State Board of Education with a standard diploma, students shall
fulfill the requirements f or a personal financial literacy passport.
The requirements for a personal financial literacy passpor t shall be
satisfactory completion in all areas of instruction in personal
financial literacy as listed in subsection A of this section during
grades seven through twelve or demonstration of satisfactory
knowledge as provided for in subsection E of this se ction.
C. School districts shall provide instruction in personal
financial literacy to students during grades seven through twelve.
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School districts sha ll have the option of determining when each area
of instruction listed in subsection A of this section shall be
presented to students.
D. Personal financial literacy instruction shall be integrated
into one or more existing courses of study or provided in a separate
personal financial literacy course. School districts shall have the
option of determining into which course or courses each area of
instruction listed in subsection A of this section shall be
integrated.
E. Students with the most significant cognitive disabilities
(MSCD) who have an Individualized Education Program individualized
education program (IEP) that directs that the student is to be
assessed with alternate achievements standards through the Oklahoma
Alternative Assessment Program may demonstrate satisfactory
knowledge in each area of instruction listed in subsection A of this
section upon a determination, supported b y documentation, by the
school district that the student has met the following criteria:
1. Receives substantive and substantial instruction in life -
skills curriculum; and
2. Demonstrates the acquired knowledge of the student with MSCD
by alternate measures as required by the IEP.
F. The State Board of Education shal l identify and adopt
curriculum standards for personal financial literacy instruction
that reflect the areas of instruction listed in subsection A of this
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section. The standards shall be inc orporated into the state
academic content standards adopted by th e Board pursuant to Section
11-103.6 of this title.
G. The State Department of Education shall:
1. Develop guidelines and material designed to enable schools
to infuse personal financial li teracy within any course of study
currently offered by the school district or offer personal financial
literacy as a separate course. The guidelines shall outline the
areas of instruction to be taught based on the curriculum standards
adopted by the Board ;
2. Develop professional development programs that are designed
to help teachers provide instruction in personal financial literacy
and incorporate the curriculum into an existing course or courses or
develop curriculum for a separate personal financial literacy
course;
3. Provide and identify resources , including online curricula,
for integrating the te aching of personal financial literacy into an
existing course or courses of study or for developing a separate
personal financial literacy course. Any o nline curricula provided
or identified by the Department shall in clude an assessment
component for each area of instruction listed in subsection A of
this section;
4. Provide and identify resources , including online curricula ,
and materials designed to e nable students identified as English
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language learners to underst and and use the personal financial
literacy information presented; and
5. Utilize funds deposited into the Personal Financial Literacy
Education Revolving Fund created in Section 3 11-103.6h-1 of this
act title for the purpose of and to fund the Passport to Financial
Literacy Act. Such funds may be used for developing and providing
guidelines, materials , and resources for personal financial literacy
for students and teachers including, but n ot limited to, online
curricula, training, and professional devel opment for teachers in
the area of personal financial literacy as required in this
subsection. The Department may use such funds to contract or work
in conjunction with a third -party, Oklahoma-based not-for-profit
organization that has proven expertise in the development of
standards and curricula. The Department may further use a third -
party organization to deliver professional development for teachers
in the area of personal financial lite racy.
H. The Department may work wit h one or more not-for-profit
organizations that have proven experti se in the development of
standards and curriculum and delivery of teacher professional
development in personal financial literacy for the purpose of
developing and providing guidelines, mat erials, resources, including
online curricula, and professional dev elopment.
I. 1. For students who transfer into an Oklahoma school
district from out of state after the seventh grade, school districts
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shall assess the knowledge of the student in each of the areas of
instruction listed in subsection A of this section. If the school
district determines that the transferred student has successfully
completed instruction in any or all of the areas of personal
financial literacy instruction at a previous sch ool in which the
student was enrolled or if the student demonstrate s satisfactory
knowledge of any or all of the areas of personal financial literacy
instruction through an assessment, the school district may exempt
the student from completing instruction in that area of personal
financial literary instruction. School di stricts may use the
assessment contained in the online curricula provided or identified
by the State Department of Education pursuant to subsection G of
this section to determine the person al financial literacy knowle dge
level of the student. School distr icts may also use the online
curricula to present an area of instruction to transferred students
who have not completed or who did not demonstrate satis factory
knowledge in one or more of t he areas of personal financi al literacy
instruction.
2. For students who transfer into an Oklahoma school district
from out of state after the junior year of high school, school
districts may make an exception to the r equirements for a personal
financial literacy passport pursuant t o the provisions of Section
11-103.6 of this title.
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J. The State Textbook Committee created in Section 16 -101 of
this title may, when selecting textbooks for mathematics, economics,
or similar courses, select those textbooks wh ich contain substantive
provisions on personal finance.
K. In Beginning with the 2024-2025 school year, in order to
deliver high-quality consistent personal financial literacy
instruction, school districts shall to the extent possible assign
the responsibility fo r teaching personal financial literacy to the
same teacher or teachers on a continuing basis with certification in
agricultural education, business and information technology,
economics, family and consumer science, history and social studies,
or mathematics or teachers who have been credentialed by the State
Board of Education to teach personal financial literacy .
L. Beginning with the 2020 -2021 school year, all teachers who
are assigned the responsibility for teaching personal financial
literacy shall complete ongoing profe ssional development training in
the areas of personal financial literacy instruction in accordance
with guidelines established by the State Department of Education.
SECTION 2. AMENDATORY 70 O.S. 2021, Section 1 1-103.6h-1,
is amended to read as follows:
Section 11-103.6h-1. There is hereby created in the State
Treasury a revolving fund for the State Department of Education to
be designated the “Personal Financial Literacy Education Revolving
Fund”. The fund shall be a continuing f und, not subject to fiscal
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year limitations, and shall consist of all monies directed to be
deposited in the fund pursuant to Section 30 3-211 of this act Title
14A of the Oklahoma Statut es and any other monies received by the
Department for such purpose f rom any other public or private source.
All monies accruing to the credit of the fund are hereby
appropriated and may be budgeted and expended by the Department for
the purposes set forth in Section 11 -103.6h of Title 70 of the
Oklahoma Statutes this title. Expenditures from the fund shall be
made upon warrants issued by the State Treasurer against claims
filed as prescribed by law with the Director of the Office of
Management and Enterprise Services for approval and payment.
SECTION 3. This act shall become effective July 1, 2023.
SECTION 4. It being immediately necessary for the preservation
of the public peace, health , or safety, an emergency is hereby
declared to exist, by reason whereof thi s act shall take effect and
be in full force from and after its pas sage and approval.
59-1-803 EB 1/9/2023 5:04:23 PM