MONTGOMERY, Ala. (WHNT) – A new bill in the Alabama Senate would require public high school students to complete a personal finance class in order to graduate.

House Bill 164 states that students must complete a personal financial literacy and money management course before graduation.

The financial literacy course would include a curriculum that teaches students about the different types of bank accounts, how to balance a checking account and other basics of finances. The course would also teach students about the various types of loans, how to evaluate basic types of personal insurance and types of investments.

If the bill is passed, the State Department of Education would have until June 30, 2024, to identify an appropriate course to fulfill the requirements set by the bill.

After completing the course, students would be required to pass an exam regarding the basics of finical literacy. Local school districts would be required to report the results of these exams to the State Department of Education.

The bill, which nine representatives introduced, would go into effect with students entering the ninth grade in the 2024-2025 school year.

The Alabama House of Representatives and Senate will still have to vote to approve the bill before Governor Kay Ivey can sign it into law.