House File 2202 - Introduced



                                   HOUSE FILE       
                                   BY  PETTENGILL, SANDS, KRESSIG,
                                       HORBACH, REICHERT, and
                                       SHOMSHOR


    Passed House, Date                Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act adding one=half unit of personal finance literacy to the
  2    education program school districts and accredited nonpublic
  3    schools must offer in grades nine through twelve and providing
  4    a future effective date.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 5166HH 81
  7 kh/sh/8

PAG LIN



  1  1    Section 1.  Section 256.11, subsection 5, Code Supplement
  1  2 2005, is amended by adding the following new paragraph:
  1  3    NEW PARAGRAPH.  k.  One=half unit of personal finance
  1  4 literacy, the curriculum of which shall include, but not be
  1  5 limited to, the use of common banking instruments such as
  1  6 checking accounts; credit; debit cards; compound interest;
  1  7 mortgage, auto, and personal loans; investment basics,
  1  8 including stocks, bonds, and index funds; credit scores;
  1  9 budgeting; saving and debt management; retirement planning and
  1 10 savings; and insurance.  All students shall complete at least
  1 11 one=half unit of personal finance literacy as a condition of
  1 12 graduation.
  1 13    Sec. 2.  STATE MANDATE FUNDING SPECIFIED.  In accordance
  1 14 with section 25B.2, subsection 3, the state cost of requiring
  1 15 compliance with any state mandate included in this Act shall
  1 16 be paid by a school district from state school foundation aid
  1 17 received by the school district under section 257.16.  This
  1 18 specification of the payment of the state cost shall be deemed
  1 19 to meet all the state funding=related requirements of section
  1 20 25B.2, subsection 3, and no additional state funding shall be
  1 21 necessary for the full implementation of this Act by and
  1 22 enforcement of this Act against all affected school districts.
  1 23    Sec. 3.  EFFECTIVE DATE.  This Act takes effect July 1,
  1 24 2007.
  1 25                           EXPLANATION
  1 26    This bill adds a one=half unit course in personal finance
  1 27 literacy to the educational program each school district and
  1 28 accredited nonpublic school is required to offer in grades
  1 29 nine through 12, and requires all students to take the course
  1 30 as a condition of graduation.  The personal finance curriculum
  1 31 includes the use of common banking instruments such as
  1 32 checking accounts; credit; debit cards; compound interest;
  1 33 mortgage, auto, and personal loans; investment basics
  1 34 including stocks, bonds, and index funds; credit scores;
  1 35 budgeting; saving and debt management; retirement planning and
  2  1 savings; and insurance.
  2  2    The bill may include a state mandate as defined in Code
  2  3 section 25B.3.  The bill requires that the state cost of any
  2  4 state mandate included in the bill be paid by a school
  2  5 district from state school foundation aid received by the
  2  6 school district under Code section 257.16.  The specification
  2  7 is deemed to constitute state compliance with any state
  2  8 mandate funding=related requirements of Code section 25B.2.
  2  9 The inclusion of this specification is intended to reinstate
  2 10 the requirement of political subdivisions to comply with any
  2 11 state mandates included in the bill.
  2 12    The bill takes effect July 1, 2007.
  2 13 LSB 5166HH 81
  2 14 kh:nh/sh/8