North Carolina § 115C-81 - 65. Financial literacy.

§ 115C-81. 65. Financial literacy.

Instruction shall be provided in personal financial literacy for all students. In addition to the requirements in subsection (b) of this section, the State Board of Education shall determine the other components of personal financial literacy that will be covered in the curriculum. (Applicable to students entering the ninth grade for years other than the 2020-2021 school year) Each student shall receive personal financial literacy instruction that shall include: The true cost of credit. Choosing and managing a credit card. Borrowing money for an automobile or other large purchase. Home mortgages. Credit scoring and credit reports. Other relevant financial literacy issues. Planning and paying for postsecondary education. (Applicable to students entering the ninth grade in the 2020-2021 school year) The State Board of Education shall require during the high school years the teaching of a full-credit course focused solely on Economics and Personal Finance (EPF). A passing grade in the course shall be required for graduation from high school. The content of the course shall, at a minimum, include the standards established by the second edition of the Voluntary National Content Standards in Economics and the 2013 National Standards for Financial Literacy, as developed by the Council for Economic Education. The EPF course shall provide instruction on economic principles and shall provide personal financial literacy instruction that shall include, at a minimum, the following: The State Board of Education shall require that EPF teachers receive the professional development necessary to ensure that the intent and provisions of this section are carried out. To the extent funds are made available for this purpose, the State Board of Education shall require the employing entity to make available to EPF teachers and prospective EPF teachers the EPF professional development course provided by the North Carolina Council on Economic Education (NCCEE). When practicable, teachers shall complete the EPF professional development course prior to teaching the EPF course in public schools. If necessary, teachers may begin teaching the EPF course in public schools while awaiting the next possible opportunity to complete a session of the EPF professional development course. To the extent possible, the EPF professional development course shall be taken at the NCCEE-approved location most conveniently located to the local school administrative unit. (1) The true cost of credit. (2) Choosing and managing a credit card. (3) Borrowing money for an automobile or other large purchase. (4) Home mortgages. (5) Credit scoring and credit reports. (6) Other relevant financial literacy issues. History (2017-126, s. 5; 2019-82, s. 2(a).) Subsection (b) Set Out Twice. - The first version of subsection (b) set out above is applicable to students entering the ninth grade other than the 2020-2021 school year. The second version of subsection (b) set out above is applicable to students entering the ninth grade in the 2020-2021 school year. Editor's Note. - Session Laws 2019-82, s. 2(b) makes the requirements of G.S. 115C-81.65(b) , as amended by Session Laws 2019-82, s. 2(a), applicable to all students entering the ninth grade in the 2020-2021 school year. Session Laws 2019-82, s. 5, provides: "The State Board of Education shall begin the process for review and revision of the standard course of study for social studies in grades kindergarten through 12 in the 2019-2020 school year and shall revise the high school standard course of study in accordance with the requirements of this section for the EPF course and the Founding Principles of America and North Carolina: Civic Literacy course. The State Board shall review the high school standard course of study to determine the high school grade level during which the EPF course and the Founding Principles of America and North Carolina: Civic Literacy course may be completed. The State Board of Education shall not require more than four full-course credits in social studies for high school graduation." Effect of Amendments. - Session Laws 2019-82, s. 2(a), effective July 8, 2019, deleted the second sentence of subsection (a); rewrote subsection (b), which formerly read: "Each student shall receive personal financial literacy instruction that shall include"; added subdivision (b)(5a); and added subsection (c). For applicability, see editor's note. §§ 115C-81.66 through 115C-81.69: Reserved for future codification purposes.