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| 1 | AN ACT concerning education.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The School Code is amended by changing Section | ||||||
| 5 | 27-12.1 as follows:
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| 6 | (105 ILCS 5/27-12.1) (from Ch. 122, par. 27-12.1)
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| 7 | Sec. 27-12.1. Consumer education. | ||||||
| 8 | (a) Pupils in the public schools in
grades 9 through 12 | ||||||
| 9 | shall be taught and be required to study courses
which include | ||||||
| 10 | instruction in the area of consumer education, including
but | ||||||
| 11 | not necessarily limited to (i) understanding the basic concepts | ||||||
| 12 | of financial literacy, including consumer debt and installment | ||||||
| 13 | purchasing (including credit scoring, managing credit debt, | ||||||
| 14 | and completing a loan application), budgeting, savings and | ||||||
| 15 | investing, banking (including balancing a checkbook, opening a | ||||||
| 16 | deposit account, and the use of interest rates), understanding | ||||||
| 17 | simple contracts, State and federal income taxes, personal | ||||||
| 18 | insurance policies, the
comparison of prices, higher education | ||||||
| 19 | student loans, identity-theft security, and homeownership | ||||||
| 20 | (including the basic process of obtaining a mortgage and the | ||||||
| 21 | concepts of fixed and adjustable rate mortgages, subprime | ||||||
| 22 | loans, and predatory lending), and (ii)
understanding the roles | ||||||
| 23 | of consumers
interacting with agriculture, business, labor | ||||||
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| 1 | unions and government in
formulating and achieving the goals of | ||||||
| 2 | the mixed free enterprise system.
The State Board of Education | ||||||
| 3 | shall devise or approve the
consumer education curriculum for | ||||||
| 4 | grades 9 through 12 and specify the
minimum amount of | ||||||
| 5 | instruction to be devoted thereto.
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| 6 | (b) (Blank).
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| 7 | (c) The Financial Literacy Fund is created as a special | ||||||
| 8 | fund in the State treasury. State funds and private | ||||||
| 9 | contributions for the promotion of financial literacy shall be | ||||||
| 10 | deposited into the Financial Literacy Fund. All money in the | ||||||
| 11 | Financial Literacy Fund shall be used, subject to | ||||||
| 12 | appropriation, by the State Board of Education to award grants | ||||||
| 13 | to school districts for the following: | ||||||
| 14 | (1) Defraying the costs of financial literacy training | ||||||
| 15 | for teachers. | ||||||
| 16 | (2) Rewarding a school or teacher who wins or achieves | ||||||
| 17 | results at a certain level of success in a financial | ||||||
| 18 | literacy competition. | ||||||
| 19 | (3) Rewarding a student who wins or achieves results at | ||||||
| 20 | a certain level of success in a financial literacy | ||||||
| 21 | competition. | ||||||
| 22 | (4) Funding activities, including books, games, field | ||||||
| 23 | trips, computers, and other activities, related to | ||||||
| 24 | financial literacy education. | ||||||
| 25 | In awarding grants, every effort must be made to ensure | ||||||
| 26 | that all geographic areas of the State are represented. | ||||||
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| 1 | (d) A school board may establish a special fund in which to | ||||||
| 2 | receive public funds and private contributions for the | ||||||
| 3 | promotion of financial literacy. Money in the fund shall be | ||||||
| 4 | used for the following: | ||||||
| 5 | (1) Defraying the costs of financial literacy training | ||||||
| 6 | for teachers. | ||||||
| 7 | (2) Rewarding a school or teacher who wins or achieves | ||||||
| 8 | results at a certain level of success in a financial | ||||||
| 9 | literacy competition. | ||||||
| 10 | (3) Rewarding a student who wins or achieves results at | ||||||
| 11 | a certain level of success in a financial literacy | ||||||
| 12 | competition. | ||||||
| 13 | (4) Funding activities, including books, games, field | ||||||
| 14 | trips, computers, and other activities, related to | ||||||
| 15 | financial literacy education. | ||||||
| 16 | (e) The State Board of Education, upon the next | ||||||
| 17 | comprehensive review of the Illinois Learning Standards, is | ||||||
| 18 | urged to include the basic principles of personal insurance | ||||||
| 19 | policies and understanding simple contracts. | ||||||
| 20 | (Source: P.A. 95-863, eff. 1-1-09; 96-1061, eff. 7-14-10.)
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| 21 | Section 99. Effective date. This Act takes effect July 1, | ||||||
| 22 | 2015.
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