House
File
11
-
Introduced
HOUSE
FILE
11
BY
PETTENGILL
A
BILL
FOR
An
Act
adding
one-half
unit
of
personal
finance
literacy
to
1
the
educational
program
standards
established
for
school
2
districts
and
accredited
nonpublic
schools
and
including
an
3
effective
date
provision.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
TLSB
1137YH
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kh/nh
H.F.
11
Section
1.
Section
256.11,
subsection
5,
Code
2011,
is
1
amended
by
adding
the
following
new
paragraph:
2
NEW
PARAGRAPH
.
k.
One-half
unit
of
personal
finance
3
literacy,
the
curriculum
of
which
shall
include
but
not
be
4
limited
to
the
use
of
common
banking
instruments
such
as
5
checking
accounts;
credit;
debit
cards;
compound
interest;
6
mortgage,
auto,
and
personal
loans;
investment
basics,
7
including
stocks,
bonds,
and
index
funds;
credit
scores;
8
budgeting;
saving
and
debt
management;
retirement
planning
and
9
savings;
entrepreneurship
and
business
models;
and
insurance.
10
All
students
shall
complete
at
least
one-half
unit
of
personal
11
finance
literacy
as
a
condition
of
graduation.
12
Sec.
2.
STATE
MANDATE
FUNDING
SPECIFIED.
In
accordance
13
with
section
25B.2,
subsection
3,
the
state
cost
of
requiring
14
compliance
with
any
state
mandate
included
in
this
Act
shall
15
be
paid
by
a
school
district
from
state
school
foundation
aid
16
received
by
the
school
district
under
section
257.16.
This
17
specification
of
the
payment
of
the
state
cost
shall
be
deemed
18
to
meet
all
the
state
funding-related
requirements
of
section
19
25B.2,
subsection
3,
and
no
additional
state
funding
shall
20
be
necessary
for
the
full
implementation
of
this
Act
by
and
21
enforcement
of
this
Act
against
all
affected
school
districts.
22
Sec.
3.
EFFECTIVE
DATE.
This
Act
takes
effect
July
1,
2012.
23
EXPLANATION
24
This
bill
adds
a
one-half
unit
course
in
personal
finance
25
literacy
to
the
educational
program
each
school
district
26
and
accredited
nonpublic
school
is
required
to
offer
in
27
grades
nine
through
12,
and
requires
all
students
to
take
the
28
course
as
a
condition
of
graduation.
The
personal
finance
29
curriculum
includes
the
use
of
common
banking
instruments
such
30
as
checking
accounts;
credit;
debit
cards;
compound
interest;
31
mortgage,
auto,
and
personal
loans;
investment
basics
including
32
stocks,
bonds,
and
index
funds;
credit
scores;
budgeting;
33
saving
and
debt
management;
retirement
planning
and
savings;
34
entrepreneurship
and
business
models;
and
insurance.
35
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2
H.F.
11
The
bill
may
include
a
state
mandate
as
defined
in
Code
1
section
25B.3.
The
bill
requires
that
the
state
cost
of
2
any
state
mandate
included
in
the
bill
be
paid
by
a
school
3
district
from
state
school
foundation
aid
received
by
the
4
school
district
under
Code
section
257.16.
The
specification
5
is
deemed
to
constitute
state
compliance
with
any
state
mandate
6
funding-related
requirements
of
Code
section
25B.2.
The
7
inclusion
of
this
specification
is
intended
to
reinstate
the
8
requirement
of
political
subdivisions
to
comply
with
any
state
9
mandates
included
in
the
bill.
10
The
bill
takes
effect
July
1,
2012.
11
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1137YH
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kh/nh
2/
2