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A38, R40, H3020
STATUS INFORMATION
General Bill
Sponsors: Reps. 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
Document Path: l:\council\bills\pt\2186sj05.doc
Companion/Similar bill(s): 501
Introduced in the House on January 11, 2005
Introduced in the Senate on March 3, 2005
Passed by the General Assembly on March 31, 2005
Governor's Action: April 15, 2005, Signed
Summary: Financial Literacy Act of 2005
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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12/8/2004 House Prefiled
12/8/2004 House Referred to Committee on Education and Public Works
12/10/2004 Scrivener's error corrected
1/11/2005 House Introduced and read first time HJ-51
1/11/2005 House Referred to Committee on Education and Public Works HJ-52
1/26/2005 House Member(s) request name added as sponsor: Clark
2/22/2005 House Member(s) request name added as sponsor: E.H.Pitts,
Toole, Haley, Ballentine
2/23/2005 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
2/24/2005 House Committee report: Favorable Education and Public Works
HJ-3
2/25/2005 Scrivener's error corrected
3/1/2005 House Read second time HJ-41
3/2/2005 House Read third time and sent to Senate HJ-14
3/3/2005 Senate Introduced and read first time SJ-19
3/3/2005 Senate Referred to Committee on Education SJ-19
3/29/2005 Senate Committee report: Favorable Education SJ-12
3/30/2005 Senate Read second time
3/31/2005 Senate Read third time and enrolled SJ-28
4/12/2005 Ratified R 40
4/15/2005 Signed By Governor
4/21/2005 Copies available
4/21/2005 Effective date 04/15/05
4/25/2005 Act No. 38
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
12/8/2004
12/10/2004
2/24/2005
2/25/2005
3/29/2005
(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.
This web page was last updated on Friday, December 4, 2009 at 3:37 P.M.