Texas Education Code 29.915 – Financial Literacy Pilot Program
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(a) In this section, “program” means the financial literacy pilot program.
(b) To the extent funding is available under Subsection (e), the agency by rule shall establish and implement a financial literacy pilot program to provide students in participating school districts with the knowledge and skills necessary as self-supporting adults to make critical decisions relating to personal financial matters.
Terms Used In Texas Education Code 29.915
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Rule: includes regulation. See Texas Government Code 311.005
(c) The agency shall collaborate with the Office of Consumer Credit Commissioner and the State Securities Board to develop the curriculum and instructional materials for the program. The curriculum and instructional materials must include information about:
(1) avoiding and eliminating credit card debt;
(2) understanding the rights and responsibilities of renting or buying a home;
(3) managing money to make the transition from renting a home to home ownership;
(4) starting a small business;
(5) being a prudent investor in the stock market and using other investment options;
(6) beginning a savings program;
(7) bankruptcy;
(8) the types of bank accounts available to consumers and the benefits of maintaining a bank account;
(9) balancing a check book;
(10) the types of loans available to consumers and becoming a low-risk borrower; and
(11) the use of insurance as a means of protecting against financial risk.
(d) The agency shall develop an application and selection process for selecting school districts to participate in the program. The agency may select not more than 100 school districts to participate in the program.
(e) The agency may solicit and accept a gift, grant, or donation from any source, including a foundation, private entity, governmental entity, or institution of higher education, for the implementation of the program. The program may be implemented only if sufficient funds are available under this subsection for that purpose.