Public Act 099-0284

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Public Act 099-0284

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Public Act 0284 99TH GENERAL ASSEMBLY

  
  
  
 

 
Public Act 099-0284
 
SB0672 EnrolledLRB099 06235 NHT 26300 b


  
    AN ACT concerning education.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The School Code is amended  by changing Section 
27-12.1 as follows:
 



    (105 ILCS 5/27-12.1)  (from Ch. 122, par. 27-12.1)



    Sec. 27-12.1. Consumer education. 
    (a) Pupils in the public schools in
grades 9 through 12 
shall be taught and be required to study courses
which include 
instruction in the area of consumer education, including
but 
not necessarily limited to (i) understanding the basic concepts 
of financial literacy, including consumer debt and installment 
purchasing (including credit scoring, managing credit debt, 
and completing a loan application), budgeting, savings and 
investing, banking (including balancing a checkbook, opening a 
deposit account, and the use of interest rates), understanding 
simple contracts, State and federal income taxes, personal 
insurance policies, the
comparison of prices, higher education 
student loans, identity-theft security, and homeownership 
(including the basic process of obtaining a mortgage and the 
concepts of fixed and adjustable rate mortgages, subprime 
loans, and predatory lending), and (ii)

understanding the roles 
of consumers
interacting with agriculture, business, labor 
unions and government in
formulating and achieving the goals of 
the mixed free enterprise system.
The State Board of Education 
shall devise or approve the
consumer education curriculum for 
grades 9 through 12 and specify the
minimum amount of 
instruction to be devoted thereto.

    (b) (Blank).

    (c)  The Financial Literacy Fund is created as a special 
fund in the State treasury.  State funds and private 
contributions for the promotion of financial literacy shall be 
deposited into the Financial Literacy Fund.  All money in the 
Financial Literacy Fund shall be used, subject to 
appropriation, by the State Board of Education to award grants 
to school districts for the following:
        (1)    Defraying the costs of financial literacy training 
    for teachers.
        (2)    Rewarding a school or teacher who wins or achieves 
    results at a certain level of success in a financial 
    literacy competition.
        (3)    Rewarding a student who wins or achieves results at 
    a certain level of success in a financial literacy 
    competition.
        (4)    Funding activities, including books, games, field 
    trips, computers, and other activities, related to 
    financial literacy education.
    In awarding grants, every effort must be made to ensure 
that all geographic areas of the State are represented.
    (d)  A school board may establish a special fund in which to 
receive public funds and private contributions for the 
promotion of financial literacy.  Money in the fund shall be 
used for the following:
        (1)    Defraying the costs of financial literacy training 
    for teachers.
        (2)    Rewarding a school or teacher who wins or achieves 
    results at a certain level of success in a financial 
    literacy competition.
        (3)    Rewarding a student who wins or achieves results at 
    a certain level of success in a financial literacy 
    competition.
        (4)    Funding activities, including books, games, field 
    trips, computers, and other activities, related to 
    financial literacy education.
    (e)  The State Board of Education, upon the next 
comprehensive review of the  Illinois Learning Standards, is 
urged to include the basic principles of personal insurance 
policies and understanding simple contracts.
(Source: P.A. 95-863, eff. 1-1-09; 96-1061, eff. 7-14-10.)

 
 
    Section 99. Effective date. This Act takes effect July 1, 
2015.