New York A 3581: Relates to payments in support of racing

Bill Text

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A03581 Summary:

BILL NOA03581 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORSimpson

&nbsp

COSPNSRMaher, Shimsky

&nbsp

MLTSPNSR

&nbsp

Add §803-c, Ed L

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Requires that instruction in financial literacy be provided to pupils in grades nine through twelve; establishes what should be included in such curriculum including the basics of financial planning, budgeting, borrowing, interest rates, and personal insurance policies.

Go to top A03581 Actions:

BILL NOA03581 

&nbsp

01/28/2025referred to education

01/07/2026referred to education

Go to topA03581 Committee&nbspVotes:

Go to topA03581 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03581 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3581

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 28, 2025
 ___________

 Introduced by M. of A. SIMPSON, MAHER, SHIMSKY -- read once and referred
 to the Committee on Education

 AN ACT to amend the education law, in relation to establishing a class
 in financial literacy as a requirement of graduation for all pupils in
 grade nine, ten, eleven or twelve

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The education law is amended by adding a new section 803-c
 2 to read as follows:
 3 § 803-c. Instruction relating to financial literacy. 1. All pupils, at
 4 least once during grades nine, ten, eleven or twelve, in all public
 5 schools in the state shall be required to receive a half credit or unit
 6 course of instruction in financial literacy.
 7 2. Pupils shall pass this course to receive their diploma and gradu-
 8 ate with exception to those deemed disabled, impaired, or otherwise
 9 mentally handicapped. This subdivision shall not apply to pupils already
 10 enrolled in ninth, tenth, eleventh, and twelfth grades on the effective
 11 date of this section and shall only apply to pupils enrolling in ninth
 12 grade after the effective date of this section.
 13 3. The requirements of this section may be fulfilled through the
 14 continuation of a financial management course currently being taught in
 15 public secondary schools as long as the current course is updated to
 16 meet the standards set by the department and the curriculum set by the
 17 local school board. Additional courses are encouraged to be developed
 18 and approved at the local level.
 19 4. This course shall be graded on an A+ to F scale and shall be admin-
 20 istered as an independent elective.
 21 5. This course shall be included in the twenty-two total credits need-
 22 ed to graduate.
 23 6. The board of education or trustees of the school district is
 24 charged with developing and maintaining a financial literacy curriculum

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04895-01-5

 A. 3581 2

 1 for secondary school pupils that shall include, but not be limited to,
 2 instruction in the following:
 3 a. opening and maintaining savings and checking accounts and assessing
 4 the quality of banking services;
 5 b. developing a personal budget and understanding saving methods;
 6 c. analyzing spending, credit purchasing, credit scoring, and managing
 7 debt, including credit card debt;
 8 d. calculating interest rates;
 9 e. evaluating borrowing options, including the risks and benefits of
 10 student loans;
 11 f. common types of insurance;
 12 g. computing state and federal income taxes, types of taxes, and
 13 understanding net versus gross income;
 14 h. evaluating renting compared to buying a home or property and leas-
 15 ing compared to purchasing a car;
 16 i. assessing different types of investments and how investments help
 17 to achieve personal goals;
 18 j. analyzing state and federal laws concerning finance;
 19 k. analyzing regulatory agencies and their role; and
 20 l. recognizing the importance of planning for retirement and analyzing
 21 retirement planning options.
 22 7. The commissioner shall provide assistance at the local level to aid
 23 school boards in the development and maintenance of curricula for a
 24 financial literacy course whether it is a single course or more compre-
 25 hensive finance program, including providing educationa