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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-101-440 SO AS TO PROVIDE THAT ALL DEGREE-SEEKING STUDENTS IN PUBLIC INSTITUTIONS OF HIGHER LEARNING SHALL PASS A CLASS IN FINANCIAL LITERACY INSTRUCTION BEFORE OBTAINING A DEGREE, TO PROVIDE THAT THE COMMISSION ON HIGHER EDUCATION IN COOPERATION WITH THE PUBLIC INSTITUTIONS SHALL DEVELOP GUIDELINES FOR THE DESIRED COURSE CONTENT AND REQUIREMENTS, TO PROVIDE THAT INSTITUTIONS OF HIGHER LEARNING SHALL ENSURE THAT ALL DEGREE-SEEKING STUDENTS RECEIVE FINANCIAL LITERACY INSTRUCTION, AND TO PROVIDE REPORTING REQUIREMENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 101, Title 59 of the 1976 Code is amended by adding:
"Section 59-101-440. (A) All degree-seeking students in public institutions of higher learning, as defined in Section 59-103-5, shall pass a class in financial literacy instruction before obtaining a degree. The class may be non-credit and may be taken on a pass/fail basis.
(B) The Commission on Higher Education in cooperation with the public institutions shall develop guidelines for the desired course content and requirements and may develop and implement an on-line, self-paced short course to facilitate students in meeting the requirements of this section.
(C) Institutions of higher learning shall ensure that all degree-seeking students receive the instruction pursuant to this section. Institutions of higher learning shall report annually to the Commission on Higher Education and the chairmen of the House Education and Public Works Committee and the Senate Education Committee on compliance with this section until the program is implemented fully."
SECTION 2. This act applies to incoming freshmen students beginning with the fall semester of 2008.
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