An Act To Promote the Financial Literacy of High School Students

Sec. 1. 20-A MRSA §1, sub-§20-B  is enacted to read:

Sec. 2. 20-A MRSA §4722, sub-§2, ¶C,  as enacted by PL 1983, c. 859, Pt. C, §§5 and 7, is amended to read:

Sec. 3. 20-A MRSA §6209, sub-§1-A, ¶B,  as enacted by PL 2007, c. 259, §5, is amended to read:

Sec. 4. 20-A MRSA §6209, sub-§2, ¶G,  as enacted by PL 1995, c. 649, §1, is amended to read:

Sec. 5. 20-A MRSA §6209, sub-§2, ¶H,  as enacted by PL 1995, c. 649, §1, is amended to read:

Sec. 6. 20-A MRSA §6209, sub-§2, ¶I  is enacted to read:

Sec. 7. Department to develop personal finance course. The Department of Education shall develop a course on personal finance for use in secondary schools as part of the instruction in mathematics required by the Maine Revised Statutes, Title 20-A, section 4722, subsection 2, paragraph C. The course must include instruction in purchasing, using credit, budgeting, saving and investing, banking, simple contracts, state and federal income taxes, personal insurance policies and renting or purchasing a home. The department shall provide the course to all secondary schools in time for implementation during the 2012-2013 school year.

Sec. 8. Effective date. Those sections of this Act that enact the Maine Revised Statutes, Title 20-A, section 1, subsection 20-B and section 6209, subsection 2, paragraph I and that amend Title 20-A, section 4722, subsection 2, paragraph C and section 6209, subsection 1-A, paragraph B and subsection 2, paragraphs G and H take effect July 1, 2012.

summaRY

This bill requires the Department of Education to develop and distribute a course on personal finance for use by secondary schools in the State to help students attain financial literacy. The course must include instruction in purchasing, using credit, budgeting, saving and investing, banking, simple contracts, state and federal income taxes, personal insurance policies and renting or purchasing a home. Beginning with the 2012-2013 school year, all secondary schools must include the personal finance course as part of the mathematics instruction required to obtain a high school diploma.