SB 99-FINANCIAL LITERACY COURSE IN SCHOOLS                                                                       
                                                                                                                                
3:32:14 PM                                                                                                                    
CHAIR TOBIN  announced the  consideration of  SENATE BILL  NO. 99                                                               
"An Act  establishing a financial  literacy education  course for                                                               
public schools; and providing for an effective date."                                                                           
                                                                                                                                
3:32:49 PM                                                                                                                    
CHAIR TOBIN solicited a motion.                                                                                                 
                                                                                                                                
3:32:50 PM                                                                                                                    
SENATOR KIEHL  moved to adopt  the committee substitute  (CS) for                                                               
SB 99, work order 33-LS0498\U, as the working document.                                                                         
                                                                                                                                
3:33:04 PM                                                                                                                    
CHAIR TOBIN objected for purposes of discussion.                                                                                
                                                                                                                                
3:33:09 PM                                                                                                                    
KALI  SPENCER, Staff,  Senator  Bill  Wielechowski, Alaska  State                                                               
Legislature, Juneau,  Alaska, provided  the following  summary of                                                               
changes for SB 99, work order 33-LS0498\U:                                                                                      
                                                                                                                                
[Original punctuation provided.]                                                                                                
                                                                                                                                
              CSSB 99 (EDC) Explanation of Changes                                                                            
               Version 33-LS0498\S to 33-LS0498\U                                                                             
                                                                                                                                
      The Senate Education Committee adopted the following                                                                      
     changes:                                                                                                                   
                                                                                                                                
     1. In Section 1 (AS 14.30), page 1, lines 7-11:                                                                            
           a. Removed "one-half credit hour financial                                                                           
               literacy education course approved by the                                                                        
               department."                                                                                                     
           b. Added "financial literacy education program                                                                       
               approved by the department. A school                                                                             
               district may provide  the program through one                                                                    
               or  more   courses  offered  by   the  school                                                                    
               district,   but   the  program's   hours   of                                                                    
               instruction   must   in  the   aggregate   be                                                                    
               equivalent   to   a  one-half   credit   hour                                                                    
               course."                                                                                                         
                                                                                                                                
           This change allows  school districts to implement                                                                    
           a  financial literacy program that  can be spread                                                                    
           across  multiple  courses,  or incorporated  into                                                                    
           pre-existing  courses,  if  the  program's  total                                                                    
           hours  of instruction  are equivalent  to a  one-                                                                    
           half  credit hour  course. This  change does  not                                                                    
           prevent    districts   from    establishing   and                                                                    
           providing  a half credit course  that only covers                                                                    
           financial  literacy,  but  rather  provides  more                                                                    
           flexibility for districts.                                                                                           
                                                                                                                                
     2. In Section 1 (AS 14.30), page 1, line 13:                                                                               
           a. Added "to the maximum extent practicable"                                                                         
                                                                                                                                
           This  change makes  it so  that school  districts                                                                    
           are  only required  to incorporate  discussion or                                                                    
           instruction  on   requirements  listed  that  are                                                                    
           feasible and effective for that district.                                                                            
                                                                                                                                
     3. In Section 1 (AS 14.30), page 1-2, lines 14-1:                                                                          
           a. Removed "bank accounts and opening and                                                                            
              managing a bank account"                                                                                          
           b. Added "financial  institutions and opening and                                                                    
              managing an account with a financial                                                                              
              institution"                                                                                                      
           This  change allows  school districts  to include                                                                    
           discussion  or instruction  on multiple  types of                                                                    
           financial institutions and their accounts.                                                                           
                                                                                                                                
     4. In Section 1 (AS 14.30), page 2, lines 8-9:                                                                             
           a. Added "and predatory lending practices"                                                                           
                                                                                                                                
           This  change allows  school districts  to include                                                                    
           discussion  or instruction  on predatory  lending                                                                    
           practices.                                                                                                           
                                                                                                                                
     5. In Section 1 (AS 14.30), page 2, lines 17-20:                                                                           
           a.  Added  "financial  implications  of  being  a                                                                    
               member   or  a   beneficiary   of  a   Native                                                                    
               corporation established under  43 U.S.C. 1601                                                                    
               et seq. (Alaska Native Claims Settlement                                                                         
               Act) or a similar entity, including payment                                                                      
               of dividends and issuance of shares."                                                                            
                                                                                                                                
           This  change allows  school districts  to include                                                                    
           discussion   or  instruction  on   the  financial                                                                    
           implications  of being a member  or a beneficiary                                                                    
           of a Native corporation or a similar entity.                                                                         
                                                                                                                                
3:35:57 PM                                                                                                                    
CHAIR TOBIN  found no further  objection and CSSB 99,  work order                                                               
33-LS0498\U was adopted.                                                                                                        
                                                                                                                                
3:36:18 PM                                                                                                                    
CHAIR TOBIN solicited a motion.                                                                                                 
                                                                                                                                
3:36:19 PM                                                                                                                    
SENATOR KIEHL  moved to report the  CS for SB 99,  work order 33-                                                               
LS0498\U,  from  committee  with individual  recommendations  and                                                               
attached fiscal note(s).                                                                                                        
                                                                                                                                
3:36:34 PM                                                                                                                    
CHAIR  TOBIN found  no objection  and CSSB  99(EDC) was  reported                                                               
from the Senate Education Standing Committee.