Sen. Jacqueline Y. Collins

Filed: 2/22/2006

 

 


 

 


 
09400SB2191sam002 LRB094 13921 NHT 56296 a

1
AMENDMENT TO SENATE BILL 2191

2     AMENDMENT NO. ______. Amend Senate Bill 2191 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 5. The State Finance Act is amended by adding
5 Section 5.663 as follows:
 
6     (30 ILCS 105/5.663 new)
7     Sec. 5.663. The Financial Literacy Fund.
 
8     Section 10. The School Code is amended by changing Section
9 27-12.1 as follows:
 
10     (105 ILCS 5/27-12.1)  (from Ch. 122, par. 27-12.1)
11     Sec. 27-12.1. Consumer education.
12     (a) Subject to the provisions of subsection (b) of this
13 Section, pupils in the public schools in grades 9 through 12
14 shall be taught and be required to study courses which include
15 instruction in the area of consumer education, including but
16 not necessarily limited to (i) understanding the basic concepts
17 of financial literacy, including installment purchasing
18 (including credit scoring, managing credit debt, and
19 completing a loan application), budgeting, savings and
20 investing, banking (including balancing a checkbook, opening a
21 deposit account, and the use of interest rates), understanding
22 simple contracts, State and federal income taxes, personal

 

 

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1 insurance policies, and the comparison of prices, and (ii) an
2 understanding of the roles of consumers interacting with
3 agriculture, business, labor unions and government in
4 formulating and achieving the goals of the mixed free
5 enterprise system. The State Board of Education shall devise or
6 approve the consumer education curriculum for grades 9 through
7 12 and specify the minimum amount of instruction to be devoted
8 thereto.
9     (b) Prior to the commencement of the 1986-1987 school year
10 and prior to the commencement of each school year thereafter,
11 the State Board of Education shall devise, develop and furnish
12 to each school district within the State a uniform Annual
13 Consumer Education Proficiency Test to be administered by each
14 school district to those pupils of the district in grades 9
15 through 12 who elect to take the same, provided that no pupil
16 shall be permitted to take the test more than once in any
17 school year. Each year the State Board of Education shall by
18 rule prescribe the date or dates during the school year on
19 which school districts shall administer the test devised and
20 developed for that school year, together with the uniform
21 standards which all districts shall apply in scoring that test.
22 The test shall be devised and developed by the State Board of
23 Education each year in a standardized manner to allow any pupil
24 who takes the same and who achieves a score thereon which is
25 not less than the minimum score established by the State Board
26 of Education for the test so taken to thereby demonstrate
27 sufficient proficiency in the area of consumer education as
28 shall excuse such pupil from the necessity of receiving, as a
29 prerequisite to graduation from high school and receipt of a
30 high school diploma, the minimum amount of instruction in a
31 consumer education curriculum otherwise required by subsection
32 (a) and the rules or regulations promulgated thereunder. For
33 purposes of this subsection, "proficiency" is defined to mean
34 that a pupil is competent in and has a well advanced knowledge

 

 

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1 of consumer education so that study of the course of
2 instruction required by this Section would not be substantially
3 educationally beneficial as determined by the State Board of
4 Education when developing the uniform standards and minimum
5 score requirements of this Section.
6     (c) The Financial Literacy Fund is created as a special
7 fund in the State treasury. State funds and private
8 contributions for the promotion of financial literacy shall be
9 deposited into the Financial Literacy Fund. All money in the
10 Financial Literacy Fund shall be used, subject to
11 appropriation, by the State Board of Education to award grants
12 to school districts for the following:
13         (1) Defraying the costs of financial literacy training
14     for teachers.
15         (2) Rewarding a school or teacher who wins or achieves
16     results at a certain level of success in a financial
17     literacy competition.
18         (3) Rewarding a student who wins or achieves results at
19     a certain level of success in a financial literacy
20     competition.
21         (4) Funding activities, including books, games, field
22     trips, computers, and other activities, related to
23     financial literacy education.
24     In awarding grants, every effort must be made to ensure
25 that all geographic areas of the State are represented.
26     (d) A school board may establish a special fund in which to
27 receive public funds and private contributions for the
28 promotion of financial literacy. Money in the fund shall be
29 used for the following:
30         (1) Defraying the costs of financial literacy training
31     for teachers.
32         (2) Rewarding a school or teacher who wins or achieves
33     results at a certain level of success in a financial
34     literacy competition.

 

 

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1         (3) Rewarding a student who wins or achieves results at
2     a certain level of success in a financial literacy
3     competition.
4         (4) Funding activities, including books, games, field
5     trips, computers, and other activities, related to
6     financial literacy education.
7     (e) The State Board of Education, upon the next
8 comprehensive review of the Illinois Learning Standards, is
9 urged to include the basic principles of personal insurance
10 policies and understanding simple contracts.
11 (Source: P.A. 86-300.)
 
12     Section 99. Effective date. This Act takes effect upon
13 becoming law.".