S.B. No. 851

relating to a financial literacy pilot program in public schools. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter Z, Chapter 29, Education Code, is amended by adding Section 29.915 to read as follows: Sec. 29.915. FINANCIAL LITERACY PILOT PROGRAM. (a) In this section, "program" means the financial literacy pilot program. (b) To the extent funding is available under Subsection (e), the agency by rule shall establish and implement a financial literacy pilot program to provide students in participating school districts with the knowledge and skills necessary as self-supporting adults to make critical decisions relating to personal financial matters. (c) The agency shall collaborate with the Office of Consumer Credit Commissioner and the State Securities Board to develop the curriculum and instructional materials for the program. The curriculum and instructional materials must include information about: (1) avoiding and eliminating credit card debt; (2) understanding the rights and responsibilities of renting or buying a home; (3) managing money to make the transition from renting a home to home ownership; (4) starting a small business; (5) being a prudent investor in the stock market and using other investment options; (6) beginning a savings program; (7) bankruptcy; (8) the types of bank accounts available to consumers and the benefits of maintaining a bank account; (9) balancing a check book; and (10) the types of loans available to consumers and becoming a low-risk borrower. (d) The agency shall develop an application and selection process for selecting school districts to participate in the program. The agency may select not more than 25 school districts to participate in the program. (e) The agency may solicit and accept a gift, grant, or donation from any source, including a foundation, private entity, governmental entity, or institution of higher education, for the implementation of the program. The program may be implemented only if sufficient funds are available under this subsection for that purpose. (f) Not later than January 1, 2007, the agency shall provide each member of the legislature with a report relating to the implementation and effectiveness of the program. This subsection expires February 1, 2007. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If this Act does not receive the vote necessary for immediate effect, this Act takes effect September 1, 2005.
______________________________ ______________________________ President of the Senate Speaker of the House
I hereby certify that S.B. No. 851 passed the Senate on April 6, 2005, by the following vote: Yeas 30, Nays 0; and that the Senate concurred in House amendments on May 27, 2005, by the following vote: Yeas 29, Nays 0. ______________________________ Secretary of the Senate I hereby certify that S.B. No. 851 passed the House, with amendments, on May 25, 2005, by the following vote: Yeas 143, Nays 0, two present not voting. ______________________________ Chief Clerk of the House Approved: ______________________________ Date ______________________________ Governor