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53	53	STATE OF OKLAHOMA
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55	55	2nd Session of the 59th Le gislature (2024)
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57	57	HOUSE BILL 4134 By: Swope
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59	59
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63	63	AS INTRODUCED
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65	65	An Act relating to schools; amending 70 O.S. 2021,
66	66	Section 11-103.6h, which relates to the Passport to
67	67	Financial Literacy Act ; including instruction on the
68	68	impact and consequences of multi-level marketing
69	69	businesses and pyramid schemes; providing an
70	70	effective date; and declaring an emergency .
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75	75	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
76	76	SECTION 1. AMENDATORY 70 O.S. 2021 , Section 11-103.6h,
77	77	is amended to read as follows:
78	78	Section 11-103.6h A. Personal financial literacy education
79	79	shall be taught in the public schools of this state. Per sonal
80	80	financial literacy education shall include, but is not limited to,
81	81	the following areas of instruction:
82	82	1. Understanding interest, credit card debt, and online
83	83	commerce;
84	84	2. Rights and responsibilities of renting or buying a home;
85	85	3. Savings and investing;
86	86	4. Planning for retirement;
87	87	5. Bankruptcy;
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139	139	6. Banking and financial service s;
140	140	7. Managing a bank account;
141	141	8. Understanding the Free Application for Federal Student Aid
142	142	(FAFSA), loans, and borrowing money, including the financial impact
143	143	and consequences of predatory lending and payday loans;
144	144	9. Understanding insurance;
145	145	10. Identity fraud and theft;
146	146	11. Charitable giving;
147	147	12. Understanding the financial impact and consequences of
148	148	gambling;
149	149	13. Earning an income; and
150	150	14. Understanding the financial impact and consequences of
151	151	multi-level marketing (MLM) businesses and pyr amid schemes; and
152	152	15. Understanding state and federal taxes.
153	153	B. In order to graduat e from a public high school accredited by
154	154	the State Board of Education with a standard diploma, students shall
155	155	fulfill the requirements for a pers onal financial literacy passpor t.
156	156	The requirements for a personal financial literacy passport shall be
157	157	satisfactory completion in all areas of instruction in personal
158	158	financial literacy as listed in subsection A of this section during
159	159	grades seven through twelve or demonstration of sat isfactory
160	160	knowledge as provided for in subsection E of this section.
161	161	C. School districts shall provide instruction in personal
162	162	financial literacy to students during grades seven through twelve.
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214	214	School districts shall have t he option of determining when e ach area
215	215	of instruction listed in subsection A of this section shall be
216	216	presented to students.
217	217	D. Personal financial literacy instruction shall be integrated
218	218	into one or more existing courses of study or provided in a separa te
219	219	personal financial literacy course. School districts shall have the
220	220	option of determining into which cours e or courses each area of
221	221	instruction listed in subsection A of this section shall be
222	222	integrated.
223	223	E. Students with the most significant cognitive disabilities
224	224	(MSCD) who have an Individualized Education Program (IEP) that
225	225	directs that the student is to be assessed with alternate
226	226	achievements standards through the Oklahoma Alternative Assessment
227	227	Program may demonstrate satisfactory knowledge in each area of
228	228	instruction listed in subsection A of this section upon a
229	229	determination, supported by documentation, by the school district
230	230	that the student has met the following criteria:
231	231	1. Receives substantive and substantial instruction in life -
232	232	skills curriculum; and
233	233	2. Demonstrates the acquired knowledge of the student with MSCD
234	234	by alternate measures as required b y the IEP.
235	235	F. The State Board of Education shall identify and adopt
236	236	curriculum standards for personal financial literacy instruction
237	237	that reflect the areas of instruction liste d in subsection A of this
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289	289	section. The standards shall be incorporated into th e state
290	290	academic content standards adopted by the Board pursuant to Section
291	291	11-103.6 of this title.
292	292	G. The State Department of Education shall:
293	293	1. Develop guidelines and mater ial designed to enable schools
294	294	to infuse personal financial literacy within any course of study
295	295	currently offered by the school district or offer personal financial
296	296	literacy as a separate course. The guidelines shall outline the
297	297	areas of instruction to be taught based on the curriculum standards
298	298	adopted by the Board;
299	299	2. Develop professional development programs that are designed
300	300	to help teachers provide instruction in personal financial literacy
301	301	and incorporate the curriculu m into an existing course or co urses or
302	302	develop curriculum for a separate personal financial literacy
303	303	course;
304	304	3. Provide and identify resources, including online curricula,
305	305	for integrating the teaching of personal financial literacy into an
306	306	existing course or courses of study or for de veloping a separate
307	307	personal financial literacy course. Any online curricula p rovided
308	308	or identified by the Department shall include an assessment
309	309	component for each area of instruction listed in subsection A of
310	310	this section;
311	311	4. Provide and identify resou rces, including online curricula,
312	312	and materials designed to enable students id entified as English
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364	364	language learners to understand and use the personal financial
365	365	literacy information presented; and
366	366	5. Utilize funds deposited into the Personal Financial Lit eracy
367	367	Education Revolving Fund created in Section 3 11-103.6h-1 of this
368	368	act title for the purpose of and to fund the Passport to Financial
369	369	Literacy Act. Such funds may be used for developing and providing
370	370	guidelines, materials and resources for personal f inancial literacy
371	371	for students and teachers including, but not limited to, online
372	372	curricula, training and professional development for teachers in the
373	373	area of personal financial literacy as required in this subsection.
374	374	The Department may use such funds to contract or work in conjunction
375	375	with a third-party, Oklahoma-based not-for-profit organization that
376	376	has proven expertise in the development of standards and curricula.
377	377	The Department may further use a third -party organization to deliver
378	378	professional development for teachers in the area of personal
379	379	financial literacy.
380	380	H. The Department may wo rk with one or more not-for-profit
381	381	organizations that have proven expertise in the development of
382	382	standards and curriculum and delivery of teacher professional
383	383	development in personal financial literacy for the purpose of
384	384	developing and providing guideline s, materials, resources, including
385	385	online curricula, and professional development.
386	386	I. 1. For students who transfer into an Oklahoma s chool
387	387	district from out of stat e after the seventh grade, school districts
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439	439	shall assess the knowledge of the student in e ach of the areas of
440	440	instruction listed in subsection A of this section. If the school
441	441	district determines that the transferred student has successfully
442	442	completed instruction in any or all of the areas of personal
443	443	financial literacy instruction at a previo us school in which the
444	444	student was enrolled or if the student demonstrates satisfactory
445	445	knowledge of any or all of the areas of persona l financial literacy
446	446	instruction through an assessment, the school district may exempt
447	447	the student from completing instru ction in that area of personal
448	448	financial literary instruction. School districts may use the
449	449	assessment contained in the online curricu la provided or identified
450	450	by the State Department of Education pursuant to subsection G of
451	451	this section to determine the personal financial literacy knowledge
452	452	level of the student. School districts may also use the online
453	453	curricula to present an area of i nstruction to transferred stude nts
454	454	who have not completed or who did not demonstrate satisfactory
455	455	knowledge in one or mor e of the areas of personal financial literacy
456	456	instruction.
457	457	2. For students who transfer into an Oklahoma school district
458	458	from out of state after the junior year of h igh school, school
459	459	districts may make an exception to the requirements for a personal
460	460	financial literacy passport pursuant to the provisions of Section
461	461	11-103.6 of this title.
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513	513	J. The State Textbook Committee created in Secti on 16-101 of
514	514	this title may, when selecting textbooks for mathematics, economics,
515	515	or similar courses, select those textbo oks which contain substantive
516	516	provisions on personal finance.
517	517	K. In order to deliver high -quality consistent personal
518	518	financial literacy instruction, school district s shall to the extent
519	519	possible assign the responsibility for teaching personal financial
520	520	literacy to the same teacher or teachers on a continuing basis.
521	521	L. Beginning with the 2020 -2021 school year, all teachers who
522	522	are assigned the responsibility for teac hing personal financial
523	523	literacy shall complete ongoing professional development training in
524	524	the areas of personal financial literacy instruction in accordance
525	525	with guidelines established by the State Department of Education.
526	526	SECTION 2. This act shall become effective July 1, 2024.
527	527	SECTION 3. It being immediate ly necessary for the preservation
528	528	of the public peace, health or safety, an emergency is hereby
529	529	declared to exist, by reason whereof th is act shall take effect and
530	530	be in full force from and after its passage and approval.
531	531
532	532	59-2-8523 EK 12/29/23

Oklahoma 2024 Regular Session

Oklahoma House Bill HB4134 Compare Versions