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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 2004, 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:
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.
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."
SECTION 3. This act takes effect upon approval by the Governor.
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