TX SB602

Expands financial literacy education for foster youth to include instruction on credit reporting agency differences, risks of payday/unsecured/title loans, predatory lending practices with interest rate explanations, and identifying financial scams

Adds training on opening and using bank accounts, creating balanced budgets, motor vehicle financing options, and risks of subprime and buy-here-pay-here auto loans for youth 17 and older

Requires the Department of Family and Protective Services to review both common rental applications and rental contracts with foster youth age 16+ as part of transition planning

Mandates transition plans include information about securing or transferring government benefits including Social Security, veteran benefits, SNAP, WIC, TANF, and housing assistance

Takes effect September 1, 2025