SECTION 1. Chapter 69 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting after section 1P the following section:-
Section 1Q. To better prepare high school students for the personal finance decisions they will face in their future, the department of elementary and secondary education shall authorize and assist in the implementation of a mandatory, one-semester financial literacy course requirement for secondary school students prior to high school graduation. The course shall include, but is not limited to, the following topics of financial literacy: understanding personal and educational loan terms and repayment; the mechanics of borrowing money; how interest accrues; the use of credit; the impact of debt on credit worthiness; the rights and responsibilities of signing a rental lease; the mortgage approval process and refinancing strategies for home ownership; saving, investing, and planning for retirement; banking and financial services; balancing a checkbook; state and federal taxes; and charitable giving.
The department shall develop the standards and objectives for the financial literacy course and make available to school districts resources to aid in the selection of appropriate financial literacy curriculum by the start of the 2018-2019 school year. The department may apply for any federal, state, or other funding, including funding available through the Financial Literacy Trust Fund, as established by chapter 10, as amended by chapter 14 of the acts of 2011.
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