Senate Bill 2124 Summary

• State Board of Education must implement a financial literacy curriculum by the 2018-2019 academic school year, with students taking and passing a one-half Carnegie Unit personal finance course to earn a high school diploma.

• Establishes the "Financial Literacy Trust Fund" in the State Treasury to fund the program, which can accept private contributions, grants, and appropriated funds, with unexpended monies rolling over annually rather than lapsing.

• Financial literacy program must include instruction in decision making, earning income, saving and spending, use of credit, and budgeting, with school boards able to coordinate with volunteer teachers from community organizations.

• State Board of Education shall develop rules and regulations for trust administration, conduct annual independent audits, and report all programmatic and financial activities to the Legislature by December 31 each year.

• Department of Banking and Consumer Finance authorized to contribute a portion of funds generated from penalties and fees to financial literacy education.