HOUSE BILL No. 1565
DIGEST OF INTRODUCED BILL
Citations Affected: IC 20-24-8-5; IC 20-30-5.
Synopsis: Financial literacy curriculum and fund. Requires public
schools (including charter schools) and accredited nonpublic schools
to provide instruction in personal financial responsibility to students in
grades 9 through 12.
Effective: July 1, 2009.
Bell, Dobis, Borror
January 16, 2009, read first time and referred to Committee on Education.
First Regular Session 116th General Assembly (2009)
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HOUSE BILL No. 1565
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 20-24-8-5; (09)IN1565.1.1. -->
SECTION 1. IC 20-24-8-5, AS AMENDED BY P.L.2-2006,
SECTION 111, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2009]: Sec. 5. The following statutes and rules
and guidelines adopted under the following statutes apply to a charter
(1) IC 5-11-1-9 (required audits by the state board of accounts).
(2) IC 20-39-1-1 (unified accounting system).
(3) IC 20-35 (special education).
(4) IC 20-26-5-10 and IC 20-28-5-9 (criminal history).
(5) IC 20-26-5-6 (subject to laws requiring regulation by state
(6) IC 20-28-7-14 (void teacher contract when two (2) contracts
(7) IC 20-28-10-12 (nondiscrimination for teacher marital status).
(8) IC 20-28-10-14 (teacher freedom of association).
(9) IC 20-28-10-17 (school counselor immunity).
(10) For conversion charter schools only, IC 20-28-6, IC 20-28-7,
IC 20-28-8, IC 20-28-9, and IC 20-28-10.
(11) IC 20-33-2 (compulsory school attendance).
(12) IC 20-33-3 (limitations on employment of children).
(13) IC 20-33-8-19, IC 20-33-8-21, and IC 20-33-8-22 (student
due process and judicial review).
(14) IC 20-33-8-16 (firearms and deadly weapons).
(15) IC 20-34-3 (health and safety measures).
(16) IC 20-33-9 (reporting of student violations of law).
(17) IC 20-30-3-2 and IC 20-30-3-4 (patriotic commemorative
(18) IC 20-31-3, IC 20-32-4, IC 20-32-5, IC 20-32-6, IC 20-32-8,
or any other statute, rule, or guideline related to standardized
testing (assessment programs, including remediation under the
(19) IC 20-33-7 (parental access to education records).
(20) IC 20-31 (accountability for school performance and
(21) IC 20-30-5-19 (personal financial responsibility
SOURCE: IC 20-30-5-19; (09)IN1565.1.2. -->
SECTION 2. IC 20-30-5-19 IS ADDED TO THE INDIANA CODE
AS A NEW
SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2009]: Sec. 19. (a) As used in this section, "program" refers to
the financial literacy program established by subsection (b).
(b) The financial literacy program is established.
(c) The department shall develop and implement the financial
(d) Each school corporation (including each charter school) and
each nonpublic school that voluntarily has become accredited
under IC 20-19-2-8 shall include in its curriculum for all students
in grades 9 through 12 instruction concerning personal financial
(e) A school corporation (including a charter school) and a
nonpublic school that voluntarily has become accredited under
IC 20-19-2-8 may meet the requirements of subsection (d) by
integrating, within its curriculum, at least one (1) full:
(1) semester; or
course of instruction that is designed to foster overall personal
(f) The information provided under subsection (d) must 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 checkbook.
(3) Spending, credit scoring, and managing debt, including
retail and credit card debt.
(4) Completing a loan application.
(5) The implication of 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) Saving and investing.
(13) State and federal laws concerning finance.
(g) A person may not receive a high school diploma from a
school subject to this section unless the person has received the
instruction in personal financial responsibility required by this
(h) The department shall develop guidelines and the state board
shall adopt rules under IC 4-22-2 to assist teachers assigned to
provide the instruction required by this section.
SOURCE: IC 20-30-5-20; (09)IN1565.1.3. -->
SECTION 3. IC 20-30-5-20 IS ADDED TO THE INDIA CODE AS
SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1,
2009]: Sec. 20. (a) As used in this section, "fund" refers to the
financial literacy program fund established by subsection (b).
(b) The financial literacy program fund is established. The state
board shall adopt rules to specify the application and approval
process for the disbursal of funds as grants to local school districts.
Grants shall be awarded in a manner to ensure an equitable
geographic distribution across all areas of the state. The money in
the fund shall be used to provide:
(1) assistance with the cost of a financial literacy program;
(2) professional development for teachers relating to financial
(3) rewards for a school or teacher who wins or exhibits high
achievement in a financial literacy competition;
(4) rewards for a student who wins or exhibits high
achievement in a financial literacy competition; and
(5) materials or activities related to financial literacy
education, including but not limited to books, games, field
trips, and computers.
(c) The fund consists of any of the following:
(1) Gifts to the fund.
(2) Appropriations from the general assembly.
(3) Grants, including grants from private entities.
(d) The department shall administer the fund.
(e) The expenses of administering the fund shall be paid from
money in the fund.
(f) The treasurer of state shall invest the money in the fund that
is not currently needed to meet the obligations of the fund in the
same manner as other public funds may be invested. The treasurer
of state shall deposit in the fund the interest that accrues from the
investment of the fund.
(g) Money in the fund at the end of a state fiscal year does not
revert to the state general fund.