South Carolina General Assembly
124th Session, 2021-2022

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H. 3022

STATUS INFORMATION

General Bill
Sponsors: Reps. Govan, Hosey, J.L. Johnson and Trantham
Document Path: l:\council\bills\rt\17872wab21.docx
Companion/Similar bill(s): 4582

Introduced in the House on January 12, 2021
Currently residing in the House Committee on Education and Public Works

Summary: Financial literacy program instruction

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/9/2020  House   Prefiled
   12/9/2020  House   Referred to Committee on Education and Public Works
   1/12/2021  House   Introduced and read first time (House Journal-page 40)
   1/12/2021  House   Referred to Committee on Education and Public Works 
                        (House Journal-page 40)
   1/14/2021  House   Member(s) request name added as sponsor: J.L.Johnson
    3/2/2022  House   Member(s) request name added as sponsor: Trantham

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/9/2020

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 59-29-410, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSTRUCTIONAL TOPICS REQUIRED IN HIGH SCHOOL FINANCIAL LITERACY PROGRAMS, SO AS TO ALSO REQUIRE INSTRUCTION IN CERTAIN ADDITIONAL TOPICS, TO MAKE THE PROVISIONS APPLICABLE UPON THE NEXT ADOPTION OF REVISIONS TO THE SOCIAL STUDIES ACADEMIC STANDARDS BY THE STATE BOARD OF EDUCATION, AND TO PROVIDE THE BOARD SHALL INTEGRATE THESE TOPICS IN SUCH REVISIONS.

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

SECTION    1.    Section 59-29-410(B) of the 1976 Code is amended to read:

    "(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; and

        (14)    college and education loans, key loan terms, monthly payment obligations, repayment options, credit, and education loan debt. The provisions of this item are applicable with the adoption of the next revisions to the social studies academic standards adopted by the State Board of Education. The State Board of Education shall integrate the requirements of this item in those revisions."

SECTION    2.    This act takes effect upon approval by the Governor.

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