By: Shapleigh S.B. No. 851
A BILL TO BE ENTITLED
AN ACT
relating to a financial literacy pilot program in public schools.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter Z, Chapter 29, Education Code, is
amended by adding Section 29.915 to read as follows:
Sec. 29.915. FINANCIAL LITERACY PILOT PROGRAM. (a) In
this section, "program" means the financial literacy pilot program.
(b) To the extent funding is available under Subsection (e),
the agency by rule shall establish and implement a financial
literacy pilot program to provide students in participating school
districts with the knowledge and skills necessary as
self-supporting adults to make critical decisions relating to
personal financial matters.
(c) The agency shall collaborate with the Office of Consumer
Credit Commissioner and the State Securities Board to develop the
curriculum and instructional materials for the program. The
curriculum and instructional materials must include information
about:
(1) avoiding and eliminating credit card debt;
(2) understanding the rights and responsibilities of
renting or buying a home;
(3) managing money to make the transition from renting
a home to home ownership;
(4) starting a small business;
(5) being a prudent investor in the stock market and
using other investment options;
(6) beginning a savings program;
(7) bankruptcy;
(8) the types of bank accounts available to consumers
and the benefits of maintaining a bank account; and
(9) the types of loans available to consumers and
becoming a low-risk borrower.
(d) The agency shall develop an application and selection
process for selecting school districts to participate in the
program. The agency may select not more than five school districts
to participate in the program.
(e) The agency may solicit and accept a gift, grant, or
donation from any source, including a foundation, private entity,
governmental entity, or institution of higher education, for the
implementation of the program. The program may be implemented only
if sufficient funds are available under this subsection for that
purpose.
(f) Not later than January 1, 2007, the agency shall provide
each member of the legislature with a report relating to the
implementation and effectiveness of the program. This subsection
expires February 1, 2007.
SECTION 2. 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, 2005.