SB229 - Revises provisions relating to education. (BDR 34-680)

EXEMPT (Reprinted with amendments adopted on May 22, 2025) FIRST REPRINT S.B. 229 - *SB229_R1* SENATE BILL NO. 229–SENATORS DONDERO LOOP, FLORES; CRUZ- CRAWFORD, DALY, LANGE, NGUYEN, OHRENSCHALL, PAZINA AND SCHEIBLE FEBRUARY 20, 2025 ____________ JOINT SPONSORS: ASSEMBLYMEMBERS NGUYEN; ANDERSON AND DALIA ____________ Referred to Committee on Education SUMMARY—Revises provisions relating to education. (BDR 34-680) FISCAL NOTE: Effect on Local Government: May have Fiscal Impact. Effect on the State: No. ~ EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. AN ACT relating to education; revising requirements for a pupil to be awarded a State Seal of Financial Literacy; making certain requirements relating to the provision of instruction in financial literacy to pupils enrolled in grades 3 to 12, inclusive, applicable to the provision of such instruction to pupils enrolled in kindergarten and grades 1 and 2; and providing other matters properly relating thereto. Legislative Counsel’s Digest: Existing law requires the Superintendent of Public Instruction to establish a 1 State Seal of Financial Literacy Program to recognize certain pupils who have 2 attained a high level of proficiency in financial literacy. (NRS 388.596) Existing 3 law requires a school that participates in the State Seal of Financial Literacy 4 Program to award a pupil, upon graduation from high school, a high school diploma 5 with a State Seal of Financial Literacy if the pupil: (1) earns at least a 3.25 grade 6 point average, on a 4.0 grading school, or a 3.85 weighted grade point average, on a 7 grading scale approved by the Superintendent of Public Instruction if a different 8 grading scale is used; and (2) demonstrates proficiency in financial literacy. 9 Existing law provides that a student demonstrates proficiency in financial literacy 10 by earning: (1) at least 3 credits in a subject area in which instruction on financial 11 literacy is provided; and (2) either earning a grade of B or higher in a college-level 12 course in which instruction on financial literacy is provided or earning a score of 13 – 2 – - *SB229_R1* gold or higher on the ACT National Career Readiness Certificate. (NRS 388.5962) 14 Section 1 of this bill lowers the grade point average that a student must earn to a 15 3.0 grade point average, on a 4.0 scale, or a 3.0 weighted grade point average, on a 16 grading scale approved by the Superintendent of Public Instruction if a different 17 scale is used. Section 1 further revises the requirements for a student to 18 demonstrate proficiency in financial literacy by instead providing that a student 19 demonstrates such proficiency if he or she earns at least 3 credits in a course of 20 career and technical education, mathematics or socials studies which relates to 21 financial literacy and: (1) earns a grade of B or higher in a college-level course, 22 including, without limitation, a dual credit course, in which instruction on financial 23 literacy is provided; (2) earns a score of at least 85 percent on a financial literacy 24 assessment provided by the Department of Education; or (3) completes an objective 25 test, exam or project which relates to financial literacy and is provided by certain 26 career and technical student organizations. 27 Existing law requires the board of trustees of each school district and the 28 governing body of each charter school to ensure that instruction in financial literacy 29 is provided to pupils enrolled in grades 3 to 12, inclusive, in each public school 30 within the school district or in the charter school, as applicable. (NRS 389.074) 31 Section 2 of this bill instead requires such entities to ensure that such instruction is 32 provided to pupils enrolled in kindergarten and grades 1 to 12, inclusive, in such 33 schools. 34 Existing law further requires the board of trustees of each school district, each 35 school district and the governing body of each charter school in which pupils are 36 enrolled in any grade of grades 3 to 12, inclusive, to take certain actions to assist in 37 the provision of instruction in financial literacy, including: (1) encouraging certain 38 persons, businesses and entities to provide certain resources; and (2) providing 39 professional development training regarding financial literacy to certain teachers. 40 (NRS 389.074, 391A.385) Sections 2 and 3 of this bill instead require the board of 41 trustees of each school district, each school district and the governing body of each 42 charter school in which pupils are enrolled in kindergarten or any grade of grades 1 43 to 12, inclusive, to take these actions. 44 THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. NRS 388.5962 is hereby amended to read as 1 follows: 2 388.5962 A school district, charter school and university 3 school for profoundly gifted pupils that participates in the State Seal 4 of Financial Literacy Program established pursuant to NRS 388.596 5 must award a pupil, upon graduation from high school, a high 6 school diploma with a State Seal of Financial Literacy if the pupil: 7 1. Earns at least a [3.25] 3.0 grade point average, on a 4.0 8 grading scale, or a [3.85] 3.0 weighted grade point average, on a 9 grading scale approved by the Superintendent of Public Instruction 10 if a different grading scale is used. 11 2. Demonstrates proficiency in financial literacy by : [earning:] 12 (a) [At] Earning at least 3 credits in a [subject area in] course 13 of career and technical education, mathematics or social studies 14 – 3 – - *SB229_R1* which [instruction on] relates to financial literacy ; [is provided;] 1 and 2 (b) [Either] Meeting one of the following [:] conditions: 3 (1) [A] Earning a grade of B or higher in a college-level 4 course , including, without limitation, a dual credit course, in 5 which instruction on financial literacy is provided; [or] 6 (2) [A] Earning a score of [gold or higher] at least 85 7 percent on [the ACT National Career Readiness Certificate.] a 8 financial literacy assessment provided by the Department; or 9 (3) Completing an objective test, exam or project which 10 relates to financial literacy and is provided by a career and 11 technical student organization which is affiliated with a state or 12 national organization, including, without limitation, the Personal 13 Finance test provided by the Future Business Leaders of America, 14 or its successor organization, or the Personal Financial Literacy 15 Exam provided by DECA Inc., or its successor organization. 16 Sec. 2. NRS 389.074 is hereby amended to read as follows: 17 389.074 1. The board of trustees of each school district and 18 the governing body of each charter school shall ensure that 19 instruction in financial literacy is provided to pupils enrolled in 20 kindergarten and grades [3] 1 to 12, inclusive, in each public 21 school within the school district or in the charter school, as 22 applicable. The instruction must include, without limitation: 23 (a) The skills necessary to develop financial responsibility, 24 including, without limitation: 25 (1) Making reasonable financial decisions by analyzing the 26 alternatives and consequences of those financial decisions; 27 (2) Locating and evaluating financial information from 28 various sources; 29 (3) Judging the quality of services offered by a financial 30 institution; 31 (4) Developing communication strategies to discuss financial 32 issues; 33 (5) Controlling personal information; and 34 (6) Reviewing and summarizing federal and state consumer 35 protection laws. 36 (b) The skills necessary to manage finances, including, without 37 limitation: 38 (1) Developing a plan for spending and saving; 39 (2) Developing a system for keeping and using financial 40 records; and 41 (3) Developing a personal financial plan. 42 (c) The skills necessary to understand the use of credit and the 43 incurrence of debt, including, without limitation: 44 – 4 – - *SB229_R1* (1) Identifying the costs and benefits of various types of 1 credit; 2 (2) Understanding the methods to manage debt and the 3 consequences of acquiring debt; 4 (3) Understanding how interest rates, compounding 5 frequency and the terms of a loan can affect the cost of credit; 6 (4) Completing an application for a loan; 7 (5) Understanding different types of loans, including, without 8 limitation, payday loans, automobile loans, student loans and 9 mortgages; 10 (6) Explaining the purpose of a credit report, including, 11 without limitation, the manner in which a credit report is used by 12 lenders; 13 (7) Describing the rights of a borrower regarding his or her 14 credit report; 15 (8) Identifying methods to avoid and resolve debt problems; 16 and 17 (9) Reviewing and summarizing federal and state consumer 18 credit protection laws. 19 (d) The skills necessary to understand the basic principles of 20 saving and investing, including, without limitation: 21 (1) Understanding how saving and investing contribute to 22 financial well-being; 23 (2) Understanding the methods of investing and alternatives 24 to investing; 25 (3) Understanding how to buy and sell investments; 26 (4) Understanding compound interest, including, without 27 limitation, in the context of investments; 28 (5) Understanding various types of securities, including, 29 without limitation, stocks and bonds; and 30 (6) Understanding how the regulation of financial institutions 31 protects investors. 32 (e) The skills necessary to prevent and limit the consequences of 33 identity theft and fraud. 34 (f) The skills necessary to understand the basic assessment of 35 taxes, including, without limitation, understanding the matter in 36 which taxes are computed by local, state and federal governmental 37 entities. 38 (g) The skills necessary to understand the basic principles of 39 insurance, including, without limitation: 40 (1) Understanding the function of various insurance policies; 41 and 42 (2) Determining the quality of an insurance provider. 43 (h) The skills necessary to plan for higher education and career 44 choices, including, without limitation: 45 – 5 – - *SB229_R1* (1) Information concerning institutions of higher education 1 and college preparedness; 2 (2) Information concerning career options; 3 (3) Writing a resume; 4 (4) Information concerning opportunities for financial aid, 5 including the Free Application for Federal Student Aid and the 6 programs of the Western Interstate Commission for Higher 7 Education, and the manner in which to qualify for such 8 opportunities; 9 (5) Information concerning scholarship opportunities, 10 including, without limitation, the Governor Guinn Millennium 11 Scholarship Program and Silver State Opportunity Grant Program; 12 and 13 (6) Information concerning prepaid tuition and college 14 savings programs and plans established pursuant to chapter 353B of 15 NRS and section 529 of the Internal Revenue Code, 26 U.S.C. § 16 529. 17 2. The standards of content and performance for the instruction 18 in financial literacy required by subsection 1 must be included in the 19 standards of content and performance established by the Council to 20 Establish Academic Standards for Public Schools pursuant to NRS 21 389.520. The instruction required by subsection 1 must be: 22 (a) Age-appropriate; and 23 (b) Included within a course of study for which the Council has 24 established the relevant standards of content and performance, 25 including, without limitation, a course of study in economics, 26 mathematics or social studies. 27 3. The board of trustees of each school district and the 28 governing body of each charter school in which pupils are enrolled 29 in kindergarten or any grade of grades [3] 1 to 12, inclusive, shall 30 encourage: 31 (a) Persons to volunteer time, expertise and resources to assist a 32 school district, governing body of a charter school, public school or 33 teacher in the provision of instruction in financial literacy; and 34 (b) Partnerships between a school district or charter school and 35 relevant persons, businesses or entities in which those persons, 36 businesses or entities provide the resources necessary to provide 37 instruction in financial literacy. 38 Sec. 3. NRS 391A.385 is hereby amended to read as follows: 39 391A.385 Each school district and the governing body of a 40 charter school in which pupils are enrolled in kindergarten or any 41 grade of grades [3] 1 to 12, inclusive, shall provide professional 42 development training regarding financial literacy to teachers who 43 teach in a subject area in which instruction in financial literacy is 44 provided. Such professional development training may be provided 45 – 6 – - *SB229_R1* by the school district or governing body or through an agreement 1 with an institution of higher education or a regional training 2 program for professional development of teachers and 3 administrators. 4 H