HCS CSSB 99(EDC): "An Act establishing a financial literacy education program for public schools; and providing for an effective date."
00 HOUSE CS FOR 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. The department shall curate 09 and make available to school districts a list of open educational resources that are 10 approved by the department that in combination address the topics listed in (1) - (14) 11 of this subsection. The list shall include open educational resources that address the 12 topic listed in (15) of this subsection if those resources are available. The department 13 shall update this list at least once every five years. A school district may provide the 14 program through one or more courses offered by the school district, but the program's
01 hours of instruction must in the aggregate be equivalent to a one-half credit hour 02 course. A school may not issue a secondary school diploma to a student unless the 03 student has completed a financial literacy program under this section. The program 04 must include, to the maximum extent practicable, discussion of or instruction on 05 (1) different types of financial institutions and opening and managing 06 an account with a financial institution; 07 (2) making a budget; 08 (3) basic principles of money management, including spending, credit, 09 credit scores, and managing retail debt, credit card debt, and other types of debt; 10 (4) basic principles of completing a loan application; 11 (5) basic principles of personal insurance policies; 12 (6) basic computation of federal income taxes; 13 (7) avoiding fraud, financial deception, and predatory lending 14 practices; 15 (8) simple contracts; 16 (9) contesting an incorrect billing statement; 17 (10) computing interest rates by various mechanisms; 18 (11) types of savings and investments; 19 (12) basic principles of retirement accounts; 20 (13) receiving an inheritance and related financial implications; 21 (14) postsecondary financial aid and scholarships; and 22 (15) financial implications of being a member or a beneficiary of a 23 Native corporation established under 43 U.S.C. 1601 et seq. (Alaska Native Claims 24 Settlement Act) or a similar entity, including payment of dividends and issuance of 25 shares. 26 (b) Notwithstanding (a) of this section, a school may issue a secondary school 27 diploma to a student who has not completed the program described in (a) of this 28 section if the student transferred into the school district from another school district, 29 state, or country after completing grade 10. 30 (c) In this section, 31 (1) "open educational resource" means learning, teaching, or research
01 material in any format that resides in the public domain or is under copyright and has 02 been released under an open license that permits access at no cost as well as reuse, 03 repurpose, adaptation, and redistribution by others; 04 (2) "school district" has the meaning given in AS 14.30.350. 05 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 06 read: 07 APPLICABILITY. This Act applies to students who will graduate from high school 08 on or after January 1, 2026. 09 * Sec. 3. This Act takes effect July 1, 2025.