81R972 JRJ-D
By: Castro H.B. No. 4050
A BILL TO BE ENTITLED
AN ACT
relating to requiring general academic teaching institutions to
offer personal financial literacy training.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter F, Chapter 51, Education Code, is
amended by adding Section 51.305 to read as follows:
Sec. 51.305. PERSONAL FINANCIAL LITERACY TRAINING. (a) The
Texas Higher Education Coordinating Board by rule shall:
(1) require a general academic teaching institution to
offer training in personal financial literacy to provide students
of the institution with the knowledge and skills necessary as
self-supporting adults to make important decisions relating to
personal financial matters; and
(2) determine the topics to be covered by the
training, which may include budgeting, credit cards, spending,
saving, loan repayment and consolidation, taxes, retirement
planning, and financing of health care and other benefits.
(b) The coordinating board by rule may provide for the
training required under this section to be offered in an online
course.
(c) The coordinating board shall require institutions to
offer the training required by this section as soon as the
coordinating board considers practical, but not later than the 2011
fall semester. This subsection expires January 1, 2012.
SECTION 2. The Texas Higher Education Coordinating Board
shall adopt rules for the administration of Section 51.305,
Education Code, as added by this Act, as soon as practicable after
this Act takes effect. For that purpose, the coordinating board may
adopt the rules in the manner provided by law for emergency rules.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.