S 4812: Establishes a half-credit course in financial education delivered by means of a comprehensive financial literacy program for all pupils in grades nine, ten, eleven or twelve.

  
  STATE OF NEW YORK ________________________________________________________________________ 4812 2025-2026 Regular Sessions  IN SENATE February 13, 2025 ___________ Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Education AN ACT to amend the education law, in relation to establishing a course of study in financial education for certain students 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. Courses of study in financial education. 1. All pupils in 4 grades nine, ten, eleven and twelve shall be offered a half-credit 5 course in financial education delivered by means of a comprehensive 6 financial literacy program. 7 2. The commissioner, in consultation with the department of financial 8 services, shall develop a curriculum for the study of financial literacy 9 pursuant to subdivision one of this section. Such curriculum shall 10 include, but not be limited to, instruction in the following: 11 a. opening and maintaining an account at a financial institution; 12 b. types of financial products offered including insurance; 13 c. understanding loans including auto loans, student loans, and 14 personal loans; 15 d. on-going monitoring of expenditures and deposits; 16 e. basic principles of money management, such as spending, credit, 17 credit scores, and managing debt; 18 f. taxes; 19 g. computing interest rates by various mechanisms; 20 h. simple contracts; 21 i. understanding billing statements; 22 j. types of savings and investments; 23 k. state and federal laws concerning finance; 24 l. financial planning; and 25 m. understanding the present value of money. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02618-01-5 
 S. 4812 2 1 § 2. This act shall take effect on the one hundred twentieth day after 2 it shall have become a law. Effective immediately, the addition, amend- 3 ment and/or repeal of any rule or regulation necessary for the implemen- 4 tation of this act on its effective date are authorized to be made and 5 completed on or before such effective date.