00                      CS FOR SENATE BILL NO. 99(EDC)                                                                    
01 "An Act establishing a financial literacy education program for public schools; and                                     
02 providing for an effective date."                                                                                       
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 14.30 is amended by adding a new section to read:                                                  
05                Article 17. Financial Literacy Education Program.                                                      
06 Sec. 14.30.850. Financial literacy education program. (a) Each school                                                 
07 district shall establish and provide to students in grades nine through 12 a financial                                  
08 literacy education program approved by the department. A school district may provide                                    
09 the program through one or more courses offered by the school district, but the                                         
10 program's hours of instruction must in the aggregate be equivalent to a one-half credit                                 
11 hour course. A school may not issue a secondary school diploma to a student unless                                      
12 the student has completed a financial literacy program under this section. The program                                  
13       must include, to the maximum extent practicable, discussion of or instruction on                                  
14                 (1)  different types of financial institutions and opening and managing                                 

01       an account with a financial institution;                                                                          
02                 (2)  making a budget;                                                                                   
03                 (3)  basic principles of money management, including spending, credit,                                  
04       credit scores, and managing retail debt, credit card debt, and other types of debt;                               
05                 (4)  basic principles of completing a loan application;                                                 
06                 (5)  basic principles of personal insurance policies;                                                   
07                 (6)  basic computation of federal income taxes;                                                         
08                 (7)  avoiding fraud, financial deception, and predatory lending                                         
09       practices;                                                                                                        
10                 (8)  simple contracts;                                                                                  
11                 (9)  contesting an incorrect billing statement;                                                         
12                 (10)  computing interest rates by various mechanisms;                                                   
13                 (11)  types of savings and investments;                                                                 
14                 (12)  basic principles of retirement accounts;                                                          
15                 (13)  receiving an inheritance and related financial implications;                                      
16                 (14)  postsecondary financial aid and scholarships; and                                                 
17 (15)  financial implications of being a member or a beneficiary of a                                                    
18 Native corporation established under 43 U.S.C. 1601 et seq. (Alaska Native Claims                                       
19 Settlement Act) or a similar entity, including payment of dividends and issuance of                                     
20       shares.                                                                                                           
21            (b)  In this section, "school district" has the meaning given in AS 14.30.350.                               
22    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
23 read:                                                                                                                   
24       APPLICABILITY. This Act applies to students who will graduate high school on or                                   
25 after January 1, 2026.                                                                                                  
26    * Sec. 3. This Act takes effect July 1, 2025.