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A BILL TO BE ENTITLED
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AN ACT
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relating to requirements for personal financial literacy training |
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offered by public school districts and public universities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (b), Section 51.305, Education Code, |
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is amended to read as follows: |
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(b) The coordinating board by rule shall: |
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(1) require a general academic teaching institution to |
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offer training in personal financial literacy to provide students |
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of the institution with the knowledge and skills necessary as |
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self-supporting adults to make critical [important] decisions |
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relating to personal financial matters; and |
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(2) determine the topics to be covered by the |
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training, which may include budgeting, credit cards, spending, |
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saving, loan repayment and consolidation, taxes, retirement |
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planning, insurance, and financing of health care and other |
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benefits. |
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SECTION 2. Subsection (c), Section 29.915, Education Code, |
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is amended to read as follows: |
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(c) The agency shall collaborate with the Office of Consumer |
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Credit Commissioner and the State Securities Board to develop the |
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curriculum and instructional materials for the program. The |
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curriculum and instructional materials must include information |
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about: |
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(1) avoiding and eliminating credit card debt; |
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(2) understanding the rights and responsibilities of |
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renting or buying a home; |
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(3) managing money to make the transition from renting |
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a home to home ownership; |
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(4) starting a small business; |
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(5) being a prudent investor in the stock market and |
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using other investment options; |
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(6) beginning a savings program; |
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(7) bankruptcy; |
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(8) the types of bank accounts available to consumers |
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and the benefits of maintaining a bank account; |
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(9) balancing a check book; [and] |
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(10) the types of loans available to consumers and |
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becoming a low-risk borrower; and |
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(11) the use of insurance as a means of protecting |
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against financial risk. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |