1| STATE OF OKLAHOMA |
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2| 1st Session of the 59th Legislature (2023) |
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3|SENATE BILL 213 By: Seifried |
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4| |
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5| |
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6| AS INTRODUCED |
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7| An Act relating to schools; amending 70 O.S. 2021, |
| Section 11-103.6h, which relates to the Passport to |
8| Financial Literacy Act; updating statutory reference; |
| requiring personal financial literacy to be taught by |
9| certain teachers beginning in certain school year; |
| amending 70 O.S. 2021, Section 11-103.6h-1, which |
10| relates to the Personal Financial Literacy Education |
| Revolving Fund; updating statutory reference; |
11| providing an effective date; and declaring an |
| emergency. |
12| |
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13| |
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14|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: |
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15| SECTION 1. AMENDATORY 70 O.S. 2021, Section 11-103.6h, |
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16|is amended to read as follows: |
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17| Section 11-103.6h. A. Personal financial literacy education |
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18|shall be taught in the public schools of this state. Personal |
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19|financial literacy education shall include, but is not limited to, |
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20|the following areas of instruction: |
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21| 1. Understanding interest, credit card debt, and online |
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22|commerce; |
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23| 2. Rights and responsibilities of renting or buying a home; |
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24| 3. Savings and investing; |
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1| 4. Planning for retirement; |
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2| 5. Bankruptcy; |
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3| 6. Banking and financial services; |
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4| 7. Managing a bank account; |
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5| 8. Understanding the Free Application for Federal Student Aid |
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6|(FAFSA), loans, and borrowing money, including predatory lending and |
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7|payday loans; |
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8| 9. Understanding insurance; |
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9| 10. Identity fraud and theft; |
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10| 11. Charitable giving; |
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11| 12. Understanding the financial impact and consequences of |
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12|gambling; |
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13| 13. Earning an income; and |
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14| 14. Understanding state and federal taxes. |
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15| B. In order to graduate from a public high school accredited by |
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16|the State Board of Education with a standard diploma, students shall |
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17|fulfill the requirements for a personal financial literacy passport. |
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18| The requirements for a personal financial literacy passport shall |
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19|be satisfactory completion in all areas of instruction in personal |
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20|financial literacy as listed in subsection A of this section during |
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21|grades seven through twelve or demonstration of satisfactory |
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22|knowledge as provided for in subsection E of this section. |
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23| C. School districts shall provide instruction in personal |
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24|financial literacy to students during grades seven through twelve. |
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1|School districts shall have the option of determining when each area |
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2|of instruction listed in subsection A of this section shall be |
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3|presented to students. |
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4| D. Personal financial literacy instruction shall be integrated |
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5|into one or more existing courses of study or provided in a separate |
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6|personal financial literacy course. School districts shall have the |
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7|option of determining into which course or courses each area of |
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8|instruction listed in subsection A of this section shall be |
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9|integrated. |
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10| E. Students with the most significant cognitive disabilities |
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11|(MSCD) who have an Individualized Education Program individualized |
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12|education program (IEP) that directs that the student is to be |
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13|assessed with alternate achievements standards through the Oklahoma |
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14|Alternative Assessment Program may demonstrate satisfactory |
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15|knowledge in each area of instruction listed in subsection A of this |
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16|section upon a determination, supported by documentation, by the |
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17|school district that the student has met the following criteria: |
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18| 1. Receives substantive and substantial instruction in |
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19|life-skills curriculum; and |
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20| 2. Demonstrates the acquired knowledge of the student with MSCD |
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21|by alternate measures as required by the IEP. |
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22| F. The State Board of Education shall identify and adopt |
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23|curriculum standards for personal financial literacy instruction |
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24|that reflect the areas of instruction listed in subsection A of this |
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1|section. The standards shall be incorporated into the state |
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2|academic content standards adopted by the Board pursuant to Section |
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3|11-103.6 of this title. |
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4| G. The State Department of Education shall: |
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5| 1. Develop guidelines and material designed to enable schools |
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6|to infuse personal financial literacy within any course of study |
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7|currently offered by the school district or offer personal financial |
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8|literacy as a separate course. The guidelines shall outline the |
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9|areas of instruction to be taught based on the curriculum standards |
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10|adopted by the Board; |
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11| 2. Develop professional development programs that are designed |
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12|to help teachers provide instruction in personal financial literacy |
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13|and incorporate the curriculum into an existing course or courses or |
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14|develop curriculum for a separate personal financial literacy |
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15|course; |
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16| 3. Provide and identify resources, including online curricula, |
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17|for integrating the teaching of personal financial literacy into an |
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18|existing course or courses of study or for developing a separate |
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19|personal financial literacy course. Any online curricula provided |
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20|or identified by the Department shall include an assessment |
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21|component for each area of instruction listed in subsection A of |
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22|this section; |
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23| 4. Provide and identify resources, including online curricula, |
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24|and materials designed to enable students identified as English |
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1|language learners to understand and use the personal financial |
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2|literacy information presented; and |
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3| 5. Utilize funds deposited into the Personal Financial Literacy |
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4|Education Revolving Fund created in Section 3 11-103.6h-1 of this |
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5|act title for the purpose of and to fund the Passport to Financial |
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6|Literacy Act. Such funds may be used for developing and providing |
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7|guidelines, materials, and resources for personal financial literacy |
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8|for students and teachers including, but not limited to, online |
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9|curricula, training, and professional development for teachers in |
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10|the area of personal financial literacy as required in this |
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11|subsection. The Department may use such funds to contract or work |
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12|in conjunction with a third-party, Oklahoma-based not-for-profit |
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13|organization that has proven expertise in the development of |
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14|standards and curricula. The Department may further use a |
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15|third-party organization to deliver professional development for |
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16|teachers in the area of personal financial literacy. |
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17| H. The Department may work with one or more not-for-profit |
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18|organizations that have proven expertise in the development of |
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19|standards and curriculum and delivery of teacher professional |
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20|development in personal financial literacy for the purpose of |
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21|developing and providing guidelines, materials, resources, including |
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22|online curricula, and professional development. |
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23| I. 1. For students who transfer into an Oklahoma school |
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24|district from out of state after the seventh grade, school districts |
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1|shall assess the knowledge of the student in each of the areas of |
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2|instruction listed in subsection A of this section. If the school |
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3|district determines that the transferred student has successfully |
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4|completed instruction in any or all of the areas of personal |
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5|financial literacy instruction at a previous school in which the |
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6|student was enrolled or if the student demonstrates satisfactory |
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7|knowledge of any or all of the areas of personal financial literacy |
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8|instruction through an assessment, the school district may exempt |
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9|the student from completing instruction in that area of personal |
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10|financial literary instruction. School districts may use the |
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11|assessment contained in the online curricula provided or identified |
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12|by the State Department of Education pursuant to subsection G of |
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13|this section to determine the personal financial literacy knowledge |
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14|level of the student. School districts may also use the online |
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15|curricula to present an area of instruction to transferred students |
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16|who have not completed or who did not demonstrate satisfactory |
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17|knowledge in one or more of the areas of personal financial literacy |
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18|instruction. |
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19| 2. For students who transfer into an Oklahoma school district |
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20|from out of state after the junior year of high school, school |
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21|districts may make an exception to the requirements for a personal |
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22|financial literacy passport pursuant to the provisions of Section |
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23|11-103.6 of this title. |
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1| J. The State Textbook Committee created in Section 16-101 of |
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2|this title may, when selecting textbooks for mathematics, economics, |
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3|or similar courses, select those textbooks which contain substantive |
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4|provisions on personal finance. |
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5| K. In Beginning with the 2024-2025 school year, in order to |
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6|deliver high-quality consistent personal financial literacy |
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7|instruction, school districts shall to the extent possible assign |
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8|the responsibility for teaching personal financial literacy to the |
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9|same teacher or teachers on a continuing basis with certification in |
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10|agricultural education, business and information technology, |
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11|economics, family and consumer science, history and social studies, |
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12|or mathematics or teachers who have been credentialed by the State |
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13|Board of Education to teach personal financial literacy. |
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14| L. Beginning with the 2020-2021 school year, all teachers who |
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15|are assigned the responsibility for teaching personal financial |
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16|literacy shall complete ongoing professional development training in |
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17|the areas of personal financial literacy instruction in accordance |
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18|with guidelines established by the State Department of Education. |
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19| SECTION 2. AMENDATORY 70 O.S. 2021, Section 11-103.6h-1, |
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20|is amended to read as follows: |
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21| Section 11-103.6h-1. There is hereby created in the State |
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22|Treasury a revolving fund for the State Department of Education to |
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23|be designated the "Personal Financial Literacy Education Revolving |
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24|Fund". The fund shall be a continuing fund, not subject to fiscal |
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1|year limitations, and shall consist of all monies directed to be |
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2|deposited in the fund pursuant to Section 30 3-211 of this act Title |
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3|14A of the Oklahoma Statutes and any other monies received by the |
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4|Department for such purpose from any other public or private source. |
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5| All monies accruing to the credit of the fund are hereby |
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6|appropriated and may be budgeted and expended by the Department for |
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7|the purposes set forth in Section 11-103.6h of Title 70 of the |
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8|Oklahoma Statutes this title. Expenditures from the fund shall be |
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9|made upon warrants issued by the State Treasurer against claims |
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10|filed as prescribed by law with the Director of the Office of |
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11|Management and Enterprise Services for approval and payment. |
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12| SECTION 3. This act shall become effective July 1, 2023. |
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13| SECTION 4. It being immediately necessary for the preservation |
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14|of the public peace, health, or safety, an emergency is hereby |
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15|declared to exist, by reason whereof this act shall take effect and |
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16|be in full force from and after its passage and approval. |
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18| 59-1-803 EB 1/9/2023 6:14:10 PM |
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