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2002 SESSION

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HB 966 Banking-at-School Partnership Program created.

Introduced by: Dwight Clinton Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Banking-at-School Partnership Program. Authorizes local school boards to establish a Banking-at-School Partnership Program, consisting of school banks or school credit unions on the premises of public schools within the school division that have been developed and are operated jointly by a public school and a financial institution licensed to conduct business in the Commonwealth. The Program will be designed to provide a multidisciplinary method to reinforce, augment, and support the objectives of the relevant Standards of Learning and career and technical education competencies through practical experiences that (i) allow students to apply mathematical concepts, communication and computer technology skills, and knowledge of economic principles; (ii) allow students to develop proficiency in basic life skills pertaining to money management, personal finance, banking, commerce and trade, and investments; (iii) facilitate financial literacy and an understanding of the American economic system, Virginia's economy, the global economic system, and the effect of personal finance decisions on the national and state economic systems; and (iv) permit students to explore entrepreneurships and career options in banking and finance. The Program will be funded solely by gifts, grants, donations, in-kind services, and bequests received by a public school from its licensed partner financial institution. The Department of Education is to develop guidelines for these programs in consultation with the State Corporation Commission's Bureau of Financial Institutions, the Virginia Bankers Association, and the Virginia Credit Union League. Parental permission is required for student participation in these programs. Schools with high concentrations of at-risk and disadvantaged studented will be encouraged to participate in the Banking-at School Partnership Program. Enactment clauses provide that this act will not affect the continuation or operation of any existing school bank or school credit union established, prior to its effective date, by public schools and licensed financial institutions in the Commonwealth, and also sunset this act on July 1, 2006.


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