Citations Affected: IC 20-24; IC 20-30; IC 20-37.5.
Synopsis: Financial literacy instruction. Requires financial literacy
instruction in grade 6 through grade 12 in public schools, not including
charter schools. Establishes a task force to develop guidelines and
model curricula for financial literacy instruction. Establishes a state
resource program for financial literacy. Establishes the financial
literacy grant fund to assist schools in implementing financial literacy
Effective: July 1, 2013.
January 10, 2013, read first time and referred to Committee on Education and Career
February 14, 2013, amended, Do Pass; reassigned to Committee on Appropriations.
February 14, 2013, pursuant to Senate Rule 68(b), reassigned to Committee on Rules and Legislative Procedures.
February 14, 2013, reported out without recommendation.
A BILL FOR AN ACT to amend the Indiana Code concerning
(B) Explaining the purpose of a credit report, including the manner in which a credit report is used by lenders.
(C) Describing the rights of a borrower regarding a credit report.
(D) Identifying methods of avoiding and resolving debt problems.
(E) Reviewing and summarizing federal and state consumer protection laws.
(4) Understanding saving and investing:
(A) Understanding how saving and investing contribute to personal financial well-being.
(B) Understanding the methods of investing and alternatives to investing.
(C) Understanding how to buy and sell investments.
(D) Understanding the regulation of financial institutions to protect investors.
Chapter 3. State Financial Literacy Resource Program
Sec. 1. This chapter applies to a school corporation.
Sec. 2. With assistance from the task force, the department shall establish a state financial literacy resource program using designated and identifiable state resources to:
(1) support schools in the development of local programs that teach financial literacy; and
(2) provide integrated services to schools, including the following:
(A) Information and materials resource centers.
(B) Professional development plans and programs.
(C) Research and development services.
(D) Technical assistance, including:
(i) student assessment;
(ii) program assessment; and
(iii) program development and implementation.
Chapter 4. Financial Literacy Grant Fund
Sec. 1. This chapter applies to a school corporation.
Sec. 2. (a) The financial literacy grant fund is established to provide grants to schools for the implementation of financial literacy instruction under this article. The department shall administer the fund.
(b) The expenses of administering the fund shall be paid from money in the fund.
(c) The fund consists of:
(1) appropriations from the general assembly;
(2) gifts, donations, and bequests; and
(3) grants, including grants from private entities.
(d) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.
(e) Money in the fund from sources other than state appropriations at the end of a state fiscal year does not revert to the state general fund.
Sec. 3. A school may apply to the department to receive a grant from the fund in the manner specified by the department.
Sec. 4. A school that receives a grant under this chapter shall submit an annual report to the department that includes the following information:
(1) The programs or initiatives for which the grant is used.
(2) The results of the programs for which the grant is used, including aggregated student assessment results, program effectiveness, and student achievement.
Chapter 5. Financial Literacy Task Force
Sec. 1. The financial literacy task force is established to:
(1) develop guidelines and model curricula in financial literacy instruction; and
(2) oversee the implementation of financial literacy instruction.
Sec. 2. (a) The task force consists of twelve (12) members, appointed by the state superintendent as follows:
(1) Seven (7) members who hold active teaching licenses under IC 20-28 and who currently teach in grade 6 through grade 12 in content areas related to financial literacy, including mathematics, social studies, business, family and consumer sciences, and economics, recommended by one (1) or more school employee organizations (as defined in IC 20-29-2-14). The number of members that a school employee organization may recommend for appointment to the task force shall be proportional to the number of members of that school employee organization as a percentage of the members of all school employee organizations.
(2) Five (5) members who represent the banking industry in Indiana, recommended by an Indiana banking industry trade organization.
(b) The organizations set forth in subsection (a) must provide to
the state superintendent an initial list of recommendations for
appointment not later than July 1, 2013.
(c) The state superintendent shall develop guidelines for determining the number of members that a school employee organization may recommend under subsection (a)(1).
Sec. 3. (a) The term of a member is two (2) years.
(b) Notwithstanding subsection (a), the initial terms of:
(1) four (4) members appointed under section 2(a)(1) of this chapter; and
(2) two (2) members appointed under section 2(a)(2) of this chapter;
as designated by the state superintendent, is one (1) year.
(c) A member may be reappointed.
Sec. 4. The task force shall meet upon the call of the state superintendent.
Sec. 5. (a) A member of the task force is not entitled to a salary per diem.
(b) A member of the task force is entitled to reimbursement for traveling expenses and other expenses actually incurred in connection with the member's duties, as provided in the state travel policies and procedures established by the Indiana department of administration and approved by the budget agency.
Sec. 6. (a) The task force shall make initial recommendations to the department and state board concerning guidelines and model curricula for financial literacy instruction not later than April 1, 2014.
(b) The task force shall make an annual report to the department and state board not later than April 1 of each year.