102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB4391

 

Introduced 1/21/2022, by Rep. Barbara Hernandez

 

SYNOPSIS AS INTRODUCED:
 
105 ILCS 5/27-12.1  from Ch. 122, par. 27-12.1

    Amends the Courses of Study Article of the School Code. Requires students in grades 9 through 12 to study and successfully complete (rather than just study) courses that include instruction in the area of consumer education. Requires the instruction in consumer education to include planning and paying for postsecondary education and studying economics. Beginning with the 2024-2025 school year, provides that the State Board of Education shall require at least one full school year of instruction in consumer education. Effective immediately.


LRB102 22267 CMG 31400 b

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY

 

 

A BILL FOR

 

HB4391LRB102 22267 CMG 31400 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by changing Section
527-12.1 as follows:
 
6    (105 ILCS 5/27-12.1)  (from Ch. 122, par. 27-12.1)
7    Sec. 27-12.1. Consumer education.
8    (a) Pupils in the public schools in grades 9 through 12
9shall be taught and be required to study and successfully
10complete courses which include instruction in the area of
11consumer education, including but not necessarily limited to
12(i) understanding the basic concepts of financial literacy,
13including consumer debt and installment purchasing (including
14credit scoring, managing credit debt, and completing a loan
15application), budgeting, savings and investing, banking
16(including balancing a checkbook, opening a deposit account,
17and the use of interest rates), understanding simple
18contracts, State and federal income taxes, personal insurance
19policies, the comparison of prices, higher education student
20loans and planning and paying for postsecondary education,
21identity-theft security, and homeownership (including the
22basic process of obtaining a mortgage and the concepts of
23fixed and adjustable rate mortgages, subprime loans, and

 

 

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1predatory lending); , and (ii) understanding the roles of
2consumers interacting with agriculture, business, labor unions
3and government in formulating and achieving the goals of the
4mixed free enterprise system; and (iii) studying economics.
5The State Board of Education shall devise or approve the
6consumer education curriculum for grades 9 through 12 and
7specify the minimum amount of instruction to be devoted
8thereto; however, beginning with the 2024-2025 school year,
9the State Board shall require at least one full school year of
10instruction.
11    (b) (Blank).
12    (c) The Financial Literacy Fund is created as a special
13fund in the State treasury. State funds and private
14contributions for the promotion of financial literacy shall be
15deposited into the Financial Literacy Fund. All money in the
16Financial Literacy Fund shall be used, subject to
17appropriation, by the State Board of Education to award grants
18to school districts for the following:
19        (1) Defraying the costs of financial literacy training
20    for teachers.
21        (2) Rewarding a school or teacher who wins or achieves
22    results at a certain level of success in a financial
23    literacy competition.
24        (3) Rewarding a student who wins or achieves results
25    at a certain level of success in a financial literacy
26    competition.

 

 

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1        (4) Funding activities, including books, games, field
2    trips, computers, and other activities, related to
3    financial literacy education.
4    In awarding grants, every effort must be made to ensure
5that all geographic areas of the State are represented.
6    (d) A school board may establish a special fund in which to
7receive public funds and private contributions for the
8promotion of financial literacy. Money in the fund shall be
9used for the following:
10        (1) Defraying the costs of financial literacy training
11    for teachers.
12        (2) Rewarding a school or teacher who wins or achieves
13    results at a certain level of success in a financial
14    literacy competition.
15        (3) Rewarding a student who wins or achieves results
16    at a certain level of success in a financial literacy
17    competition.
18        (4) Funding activities, including books, games, field
19    trips, computers, and other activities, related to
20    financial literacy education.
21    (e) The State Board of Education, upon the next
22comprehensive review of the Illinois Learning Standards, is
23urged to include the basic principles of personal insurance
24policies and understanding simple contracts.
25(Source: P.A. 99-284, eff. 8-5-15.)
 
26    Section 99. Effective date. This Act takes effect upon

 

 

HB4391- 4 -LRB102 22267 CMG 31400 b

1becoming law.