| 1 | 1 | | By: Zaffirini S.B. No. 1590 |
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| 2 | 2 | | (Branch) |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to requirements for personal financial literacy training |
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| 8 | 8 | | offered by public school districts and public universities. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subsection (b), Section 51.305, Education Code, |
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| 11 | 11 | | is amended to read as follows: |
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| 12 | 12 | | (b) The coordinating board by rule shall: |
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| 13 | 13 | | (1) require a general academic teaching institution to |
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| 14 | 14 | | offer training in personal financial literacy to provide students |
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| 15 | 15 | | of the institution with the knowledge and skills necessary as |
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| 16 | 16 | | self-supporting adults to make critical [important] decisions |
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| 17 | 17 | | relating to personal financial matters; and |
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| 18 | 18 | | (2) determine the topics to be covered by the |
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| 19 | 19 | | training, which may include budgeting, credit cards, spending, |
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| 20 | 20 | | saving, loan repayment and consolidation, taxes, retirement |
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| 21 | 21 | | planning, insurance, and financing of health care and other |
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| 22 | 22 | | benefits. |
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| 23 | 23 | | SECTION 2. Subsection (c), Section 29.915, Education Code, |
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| 24 | 24 | | is amended to read as follows: |
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| 25 | 25 | | (c) The agency shall collaborate with the Office of Consumer |
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| 26 | 26 | | Credit Commissioner and the State Securities Board to develop the |
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| 27 | 27 | | curriculum and instructional materials for the program. The |
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| 28 | 28 | | curriculum and instructional materials must include information |
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| 29 | 29 | | about: |
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| 30 | 30 | | (1) avoiding and eliminating credit card debt; |
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| 31 | 31 | | (2) understanding the rights and responsibilities of |
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| 32 | 32 | | renting or buying a home; |
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| 33 | 33 | | (3) managing money to make the transition from renting |
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| 34 | 34 | | a home to home ownership; |
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| 35 | 35 | | (4) starting a small business; |
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| 36 | 36 | | (5) being a prudent investor in the stock market and |
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| 37 | 37 | | using other investment options; |
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| 38 | 38 | | (6) beginning a savings program; |
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| 39 | 39 | | (7) bankruptcy; |
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| 40 | 40 | | (8) the types of bank accounts available to consumers |
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| 41 | 41 | | and the benefits of maintaining a bank account; |
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| 42 | 42 | | (9) balancing a check book; [and] |
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| 43 | 43 | | (10) the types of loans available to consumers and |
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| 44 | 44 | | becoming a low-risk borrower; and |
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| 45 | 45 | | (11) the use of insurance as a means of protecting |
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| 46 | 46 | | against financial risk. |
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| 47 | 47 | | SECTION 3. This Act takes effect immediately if it receives |
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| 48 | 48 | | a vote of two-thirds of all the members elected to each house, as |
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| 49 | 49 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 50 | 50 | | Act does not receive the vote necessary for immediate effect, this |
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| 51 | 51 | | Act takes effect September 1, 2013. |
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