This study aims to introduce the recent developments of ChatGPT as an AI-assisted writing tool and the novel AI Literacy framework, which should facilitate the optimal utilization of Generative AI technology. The framework was initially tested with academics, leading to the identification of six constructs: application, accountability, authenticity, and agency, all of which advocate for AI literacy. Subsequently, this study tested the model with 50 students enrolled in business communication courses at a large state university in the United States. The primary focus of the study was to adapt the model in higher education settings while examining the AI Literacy constructs among students. The study presents the results of the analysis and provides recommendations for incorporating ChatGPT into the classroom. Furthermore, this research aims to share knowledge and principles with Latin American business communication educators and practitioners, with the objective of advancing the practical use of curriculum design and workplace application.