ECS
From the ECS State Policy Database
2008 State Policies / Activities

Education Commission of the States • 700 Broadway, Suite 810 • Denver, CO 80203-3442 • 303.299.3600 • fax 303.296.8332 • www.ecs.org

The following summary includes policies enacted in 2008. This database is made possible by your state's fiscal support of the Education Commission of the States (ECS). Most entries are legislative, although rules/regulations and executive orders that make substantive changes are included. Every effort is made to collect the latest available version of policies; in some instances, recent changes might not be reflected. For expediency purposes minimal attention has been paid to style (capitalization, punctuation) and format. To view the documents, click on the blue triangle next to the topic of interest. To view all, press the button located at the top labeled "Expand All."

Please cite use of the database as: Education Commission of the States (ECS) State Policy Database, retrieved [date].

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- Curriculum--Financial Literacy/Economics Ed.
MISigned into law 12/2008P-12Provides that a financial literacy course is a permissible mathematics course under the state merit standard for high school graduation.
http://www.legislature.mi.gov/documents/2007-2008/publicact/pdf/2008-PA-0316.pdf
Title: S.B. 834
Source: http://www.legislature.mi.gov/

UTAdopted 12/2008P-12Defines "financial and economic literacy student passport" as a collection of approved activities, assessments or achievements completed during a given time period that indicate advancement in financial and economic understanding. Defines "financial and economic literacy project" as a program or series of activities developed locally to encourage the understanding of financial and economic literacy among students and their families and to assist educators in making financial and economic literacy an integrated and permanent part of the public school curriculum.

Directs the state board and the Utah State Office of Education (USOE) to develop and promote a financial and economic literacy student passport model, initially to focus on students in grades 9-12. Requires that students and parents receive information and encouragement toward the financial and economic literacy student passport opportunity upon development as part of the SEOP process.

Directs the USOE to provide professional development on all areas of financial and economic literacy using the expertise of community and business groups.
http://www.rules.utah.gov/publicat/code/r277/r277-704.htm
Title: R277-704
Source: www.rules.utah.gov

ILSigned into law 08/2008P-12Adds homeownership, including the basic process of obtaining a mortgage and the concepts of fixed and adjustable rate mortgages, subprime loans, and predatory lending, as part of the financial literacy component of consumer education for public school pupils. http://www.ilga.gov/legislation/95/SB/PDF/09500SB2387lv.pdf
Title: S.B. 2387
Source: Lexis-Nexis/StateNet

ILSigned into law 08/2008P-12
Postsec.
Community College
Authorizes the state treasurer to create the State Treasurer Financial Education and Savings Not-For-Profit Corporation to promote financial literacy and savings among the residents of the state and to issue grants and scholarships for educational purposes. Sets forth requirements for the creation and operation of the corporation. Effective immediately. http://www.ilga.gov/legislation/95/SB/PDF/09500SB2098lv.pdf
Title: S.B. 2098
Source: Lexis-Nexis/StateNet

LASigned into law 07/2008P-12
Postsec.
Community College
Creates and provides for the Financial Literacy and Education Commission; provides for membership, powers and duties; relates to education on saving and managing spending, credit and debt, especially credit card debt.
http://www.legis.state.la.us/billdata/streamdocument.asp?did=504292
Title: S.B. 405
Source: http://www.legis.state.la.us/

COSigned into law 05/2008P-12Directs the State Standards and Assessments Development and Implementation Council, the State Board of Education, and school districts to add financial literacy standards to the mathematics content standards and to recommend and adopt statewide assessments that are aligned with the financial literacy standards.
http://www.leg.state.co.us/clics/clics2008a/csl.nsf/fsbillcont3/0073E839636E1F3A872573680059FA3F?open&file=1168_enr.pdf
Title: H.B. 1168
Source: http://www.leg.state.co.us/

IASigned into law 05/2008P-12Part of this bill makes financial literacy part of the core curriculum and defines it as: Not limited to financial responsibility and planning skills; money management skills, including setting financial goals, creating spending plans, and using financial instruments; applying decision=making skills to analyze debt incurrence and debt management; understanding risk management, including the features and functions of insurance; and understanding saving and investing as applied to long-term financial security and asset building.
http://coolice.legis.state.ia.us/Cool-ICE/default.asp?category=billinfo&service=billbook&GA=82&hbill=S
Title: S.F. 2216 - Financial Literacy Segment
Source: http://coolice.legis.state.ia.us

IASigned into law 05/2008P-12Concerns state and local measures for preparing a student for a career or for postsecondary education, including a mandated statewide core curriculum for school districts and accredited nonpublic schools and a state designated career information and decision making system. Prohibits requiring districts or private schools to adopt any specific textbook, series, particular methodology or other products from a specific vendor. Requires the state department to identify and make available end-of-course and other model assessments. Requires convening of a task to review the national assessment of educational progress (NAEP) standards and assessments used by other states and to consider best practices by content area groups such as the National Council of Teachers of Mathematics. Requires a department study of potential expansion of the core curriculum potentially to include fine arts, applied arts, humanities and world languages. Establishes requirement for teaching of financial literacy.
http://coolice.legis.state.ia.us/Cool-ICE/default.asp?category=billinfo&service=billbook&GA=82&hbill=SF2216
Title: S.F. 2216 - Generally
Source: http://coolice.legis.state.ia.us

MDSigned into law 04/2008P-12Creates a Task Force to Study How to Improve Financial Literacy in the State; requires the task force to study the current ability of high school students to understand basic financial concepts, evaluate the current provision of financial literacy education in public schools, assess the utility of such education as part of primary and secondary education, and to study the ability of adult consumers to understand financial concepts and the problems created by a lack of financial literacy.
http://mlis.state.md.us/2008rs/bills/hb/hb1242e.pdf
Title: H.B. 1242; S.B. 533
Source: http://mlis.state.md.us/

UTSigned into law 03/2008P-12Defines "financial and economic literacy passport" as a document that tracks mastery of financial and economic literacy concepts and completion of financial and economic activities in a number of specified areas. Directs the state board of education, in cooperation with interested private and non-profit entities, to:
(1) Develop a financial and economic literacy passport that students may elect to complete
(2) Develop methods of encouraging parent and educator involvement in completion of the financial and economic literacy passport
(3) Develop and implement appropriate recognition and incentives for students who complete the financial and economic literacy passport, including:
(A) a financial and economic literacy endorsement on the student's high school diploma
(B) a specific designation on the student's official transcript
(C) any incentives offered by community partners.

Also directs the state board to:
(1) More fully integrate existing and new financial and economic literacy education into K-12 instruction by:
(i) coordinating financial and economic literacy instruction with existing instruction in other core curriculum areas such as mathematics and social studies
(ii) using curriculum mapping
(iii) creating training materials and staff development programs that highlight areas of potential coordination between financial and economic literacy education and other core curriculum concepts, and that demonstrate specific examples of financial and economic literacy concepts as a way of teaching other core curriculum concepts
(iv) using appropriate financial and economic literacy assessments to improve financial and economic literacy education and, if necessary, developing assessments
(2) Work with interested private and non-profit entities to:
(i) coordinate school use of existing financial and economic literacy education resources
(ii) develop simple, clear, and consistent messaging to reinforce and link existing financial literacy resources
(iii) coordinate the efforts of school, work, private, non-profit and other financial education providers in implementing methods of appropriately communicating to teachers, students and parents key financial and economic literacy messages.
(3) Make rules to develop guidelines and methods for school districts and charter schools to more fully integrate financial and economic literacy education into other core curriculum courses.

Directs the state superintendent to annually report to the Education Interim Committee on the successes and areas of needed improvement in financial and economic literacy education.
Pages 15-17: http://le.utah.gov/~2008/bills/sbillenr/sb0002.pdf
Title: S.B. 2 - Section 10
Source: le.utah.gov

NMSigned into law 02/2008P-12
Postsec.
Community College
Relates to public schools; changes the statewide college and workplace readiness assessments; allows the eleventh grade standards-based assessments to serve as the assessment required for graduation; provides that financial literacy shall be offered as an elective course; addresses graduation requirements, student graduation plans and exit exams.
http://www.sos.state.nm.us/2008/SBill460.pdf
Title: S.B. 460
Source: http://legis.state.nm.us/LCS/default.asp

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