BILL ANALYSIS
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AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
The proper management of personal finances is among the most critical life skills a person can learn, but personal finances involve complicated subjects that are often not taught in Texas schools.
H.B. 399 requires the Texas Higher Education Coordinating Board (THECB) to require general academic teaching institutions to offer training in personal financial literacy. The bill requires THECB to determine the topics covered by the training and authorizes the training to be offered in an online course.
H.B. 399 amends current law relating to requiring general academic teaching institutions to offer personal financial literacy training.
RULEMAKING AUTHORITY
Rulemaking authority is expressly granted to the Texas Higher Education Coordinating Board in SECTION 1 (Section 51.305, Education Code) and SECTION 2 of this bill.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Subchapter F, Chapter 51, Education Code, by adding Section 51.305, as follows:
Sec. 51.305. PERSONAL FINANCIAL LITERACY TRAINING. (a) Defines, in this section, "coordinating board" and "general academic teaching institution."
(b) Requires the Texas Higher Education Coordinating Board (THECB) by rule to:
(1) require a general academic teaching institution to offer training in personal financial literacy to provide students of the institution with the knowledge and skills necessary as self-supporting adults to make important decisions relating to personal financial matters; and
(2) determine the topics to be covered by the training, which may include budgeting, credit cards, spending, saving, loan repayment and consolidation, taxes, retirement planning, and financing of health care and other benefits.
(c) Authorizes THECB by rule to provide for the training required under this section to be offered in an online course.
(d) Requires THECB to require general academic teaching institutions to offer the training required by this section as soon as THECB considers practical, but not later than the 2013 fall semester. Provides that this section expires January 1, 2014.
SECTION 2. Requires THECB to adopt rules for the administration of Section 51.305, Education Code, as added by this Act, as soon as practicable after this Act takes effect. Authorizes THECB, for that purpose, to adopt the rules in the manner provided by law for emergency rules.
SECTION 3. Effective date: upon passage or September 1, 2011.