| 1 | 1 | | By: Castro, et al. (Senate Sponsor - Zaffirini) H.B. No. 399 |
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| 2 | 2 | | (In the Senate - Received from the House April 11, 2011; |
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| 3 | 3 | | April 26, 2011, read first time and referred to Committee on Higher |
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| 4 | 4 | | Education; May 12, 2011, reported favorably by the following vote: |
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| 5 | 5 | | Yeas 7, Nays 0; May 12, 2011, sent to printer.) |
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| 6 | 6 | | |
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| 7 | 7 | | |
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| 8 | 8 | | A BILL TO BE ENTITLED |
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| 9 | 9 | | AN ACT |
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| 10 | 10 | | relating to requiring general academic teaching institutions to |
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| 11 | 11 | | offer personal financial literacy training. |
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| 12 | 12 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 13 | | SECTION 1. Subchapter F, Chapter 51, Education Code, is |
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| 14 | 14 | | amended by adding Section 51.305 to read as follows: |
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| 15 | 15 | | Sec. 51.305. PERSONAL FINANCIAL LITERACY TRAINING. (a) In |
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| 16 | 16 | | this section: |
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| 17 | 17 | | (1) "Coordinating board" means the Texas Higher |
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| 18 | 18 | | Education Coordinating Board. |
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| 19 | 19 | | (2) "General academic teaching institution" has the |
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| 20 | 20 | | meaning assigned by Section 61.003. |
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| 21 | 21 | | (b) The coordinating board by rule shall: |
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| 22 | 22 | | (1) require a general academic teaching institution to |
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| 23 | 23 | | offer training in personal financial literacy to provide students |
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| 24 | 24 | | of the institution with the knowledge and skills necessary as |
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| 25 | 25 | | self-supporting adults to make important decisions relating to |
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| 26 | 26 | | personal financial matters; and |
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| 27 | 27 | | (2) determine the topics to be covered by the |
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| 28 | 28 | | training, which may include budgeting, credit cards, spending, |
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| 29 | 29 | | saving, loan repayment and consolidation, taxes, retirement |
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| 30 | 30 | | planning, and financing of health care and other benefits. |
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| 31 | 31 | | (c) The coordinating board by rule may provide for the |
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| 32 | 32 | | training required under this section to be offered in an online |
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| 33 | 33 | | course. |
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| 34 | 34 | | (d) The coordinating board shall require general academic |
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| 35 | 35 | | teaching institutions to offer the training required by this |
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| 36 | 36 | | section as soon as the coordinating board considers practical, but |
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| 37 | 37 | | not later than the 2013 fall semester. This subsection expires |
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| 38 | 38 | | January 1, 2014. |
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| 39 | 39 | | SECTION 2. The Texas Higher Education Coordinating Board |
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| 40 | 40 | | shall adopt rules for the administration of Section 51.305, |
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| 41 | 41 | | Education Code, as added by this Act, as soon as practicable after |
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| 42 | 42 | | this Act takes effect. For that purpose, the coordinating board may |
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| 43 | 43 | | adopt the rules in the manner provided by law for emergency rules. |
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| 44 | 44 | | SECTION 3. This Act takes effect immediately if it receives |
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| 45 | 45 | | a vote of two-thirds of all the members elected to each house, as |
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| 46 | 46 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 47 | 47 | | Act does not receive the vote necessary for immediate effect, this |
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| 48 | 48 | | Act takes effect September 1, 2011. |
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| 49 | 49 | | * * * * * |
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