H*3020(Rat #0040, Act #0038 of 2005)  General Bill, By Govan, Clyburn, Clark, 
E.H. Pitts, Toole, Haley, Ballentine, McLeod, Mack, Breeland, M. Hines, 
Anderson, Hosey, Parks, Pinson, Jefferson, Walker, Sinclair, Hamilton, 
G.R. Smith, Mahaffey, McGee, D.C. Smith, Anthony, Phillips, Rhoad, Funderburk and 
Scott

Similar(S 501)
 AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY DESIGNATING
 SECTIONS 59-29-10 THROUGH 59-29-220 AS ARTICLE 1, GENERAL PROVISIONS, OF
 CHAPTER 29, TITLE 59; BY ADDING ARTICLE 3 TO CHAPTER 29, TITLE 59 SO AS TO
 ENACT THE FINANCIAL LITERACY INSTRUCTION ACT OF 2005, TO PROVIDE FOR THE
 DEVELOPMENT OR ADOPTION OF A CURRICULUM FOR LOCAL SCHOOL BOARDS TO TEACH
 FINANCIAL LITERACY, AND TO PROVIDE FOR THE ESTABLISHMENT OF A FUND TO RECEIVE
 PUBLIC AND PRIVATE CONTRIBUTIONS FOR FINANCIAL LITERACY INSTRUCTION. -
 ratified title

   12/08/04  House  Prefiled
   12/08/04  House  Referred to Committee on Education and Public Works
   12/10/04         Scrivener's error corrected
   01/11/05  House  Introduced and read first time HJ-51
   01/11/05  House  Referred to Committee on Education and Public
                     Works HJ-52
   01/26/05  House  Member(s) request name added as sponsor: Clark
   02/22/05  House  Member(s) request name added as sponsor:
                     E.H.Pitts, Toole, Haley, Ballentine
   02/23/05  House  Member(s) request name added as sponsor: McLeod,
                     Mack, Breeland, M.Hines, Anderson, Hosey, Parks,
                     Pinson, Jefferson, Walker, Sinclair, Hamilton,
                     G.R.Smith, Mahaffey, McGee, Breeland, D.C.Smith,
                     Anthony, Phillips, Rhoad, Funderburk, Scott
   02/24/05  House  Committee report: Favorable Education and Public
                     Works HJ-3
   02/25/05         Scrivener's error corrected
   03/01/05  House  Read second time HJ-41
   03/02/05  House  Read third time and sent to Senate HJ-14
   03/03/05  Senate Introduced and read first time SJ-19
   03/03/05  Senate Referred to Committee on Education SJ-19
   03/29/05  Senate Committee report: Favorable Education SJ-12
   03/30/05  Senate Read second time
   03/31/05  Senate Read third time and enrolled SJ-28
   04/12/05         Ratified R 40
   04/15/05         Signed By Governor
   04/21/05         Copies available
   04/21/05         Effective date 04/15/05
   04/25/05         Act No. 38

(A38, R40, H3020)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY DESIGNATING SECTIONS 59-29-10 THROUGH 59-29-220 AS ARTICLE 1, GENERAL PROVISIONS, OF CHAPTER 29, TITLE 59; BY ADDING ARTICLE 3 TO CHAPTER 29, TITLE 59 SO AS TO ENACT THE FINANCIAL LITERACY INSTRUCTION ACT OF 2005, TO PROVIDE FOR THE DEVELOPMENT OR ADOPTION OF A CURRICULUM FOR LOCAL SCHOOL BOARDS TO TEACH FINANCIAL LITERACY, AND TO PROVIDE FOR THE ESTABLISHMENT OF A FUND TO RECEIVE PUBLIC AND PRIVATE CONTRIBUTIONS FOR FINANCIAL LITERACY INSTRUCTION.

Be it enacted by the General Assembly of the State of South Carolina:

Sections designated as Article 1, Chapter 29, Title 59

SECTION    1.    Sections 59-29-10 through 59-29-220 of the 1976 Code are designated as Article 1, General Provisions, of Chapter 29, Title 59.

Financial Literacy Instruction

SECTION    2.    Chapter 29, Title 59 of the 1976 Code is amended by adding:

Section 59-29-410.    (A)    The State Board of Education shall develop or adopt curricula, materials, and guidelines for local school boards to use in implementing a program of instruction on financial literacy within courses currently offered in high schools in this State.

(B)    The financial literacy program shall include, but not be limited to, instruction in the following areas:

(1)    opening a deposit account and assessing the quality of a depository institution's services;

(2)    balancing a check book;

(3)    spending, credit, credit scoring, and managing debt, including retail and credit card debt;

(4)    completing a loan application;

(5)    the implications of an inheritance;

(6)    the basic principles of personal insurance policies;

(7)    computing state and federal income taxes;

(8)    local tax assessments;

(9)    computing interest rates by various mechanisms;

(10)    understanding simple contracts;

(11)    contesting an incorrect billing statement;

(12)    savings and investing; and

(13)    state and federal laws concerning finance.

Section 59-29-420.    The State Board of Education and local boards of trustees may establish a special fund in which to receive public appropriations and private contributions to provide financial incentives to be used to:

(1)    defray the costs of financial literacy training for teachers;

(2)    reward a school or teacher who wins or achieves results at a certain level of success in a financial literacy competition;

(3)    reward a student who wins or achieves results at a certain level of success in a financial literacy competition;

(4)    fund activities including books, games, field trips, computers, or other activities related to financial literacy education.

Section 59-29-425.    Of the funds received pursuant to Section 59-29-420, the State Board of Education shall award grants to local school boards of trustees to provide financial incentives for the promotion of financial literacy as outlined in that section. In awarding grants, every effort must be made to ensure that all geographic areas of the State are represented.

Section 59-29-430.    The State Board of Education shall incorporate the elements of the financial literacy program in Section 59-29-410(B) into the South Carolina Academic Standards of Instruction for kindergarten through twelfth grade."

Time effective

SECTION    3.    This act takes effect upon approval by the Governor.

Ratified the 12th day of April, 2005.

Approved the 15th day of April, 2005.