Full Text of SB2191 94th General Assembly
SB2191enr 94TH GENERAL ASSEMBLY
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| AN ACT concerning education.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The State Finance Act is amended by adding | 5 |
| Section 5.663 as follows: | 6 |
| (30 ILCS 105/5.663 new)
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| Sec. 5.663. The Financial Literacy Fund. | 8 |
| Section 10. The School Code is amended by changing Section | 9 |
| 27-12.1 as follows:
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| (105 ILCS 5/27-12.1) (from Ch. 122, par. 27-12.1)
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| 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 | 23 |
| insurance policies, and the
comparison of prices , and (ii)
an
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| understanding of the roles of consumers
interacting with | 25 |
| agriculture, business, labor unions and government in
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| formulating and achieving the goals of the mixed free | 27 |
| enterprise system.
The State Board of Education shall devise or | 28 |
| approve the
consumer education curriculum for grades 9 through | 29 |
| 12 and specify the
minimum amount of instruction to be devoted | 30 |
| thereto.
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| (b) Prior to the commencement of the 1986-1987 school year | 2 |
| and prior to
the commencement of each school year thereafter, | 3 |
| the State Board of
Education shall devise, develop and furnish | 4 |
| to each school district within the
State a uniform Annual | 5 |
| Consumer Education Proficiency Test to be
administered by each | 6 |
| school district to those pupils of the district in
grades 9 | 7 |
| through 12 who elect to take the same, provided that no pupil | 8 |
| shall
be permitted to take the test more than once in any | 9 |
| school year. Each year
the State Board of Education shall by | 10 |
| rule prescribe the date or dates
during the school year on | 11 |
| which school districts shall administer the test
devised and | 12 |
| developed for that school year, together with the uniform
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| standards which all districts shall apply in scoring that test. | 14 |
| The test shall
be devised and developed by the State Board of | 15 |
| Education each year in a
standardized manner to allow any pupil | 16 |
| who takes the same and who achieves
a score thereon which is | 17 |
| not less than the minimum score established by the
State Board | 18 |
| of Education for the test so taken to thereby demonstrate
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| sufficient proficiency in the area of consumer education as | 20 |
| shall excuse
such pupil from the necessity of receiving, as a | 21 |
| prerequisite to graduation
from high school and receipt of a | 22 |
| high school diploma, the minimum amount
of instruction in a | 23 |
| consumer education curriculum otherwise required by
subsection | 24 |
| (a) and the rules
or regulations promulgated thereunder. For | 25 |
| purposes of this subsection,
"proficiency" is defined to mean | 26 |
| that a pupil is competent in and has a
well advanced knowledge | 27 |
| of consumer education so that study of the course
of | 28 |
| instruction required by this Section would not be substantially
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| educationally beneficial as determined by the State Board of | 30 |
| Education when
developing the uniform standards and minimum | 31 |
| score requirements of this
Section.
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| (c) The Financial Literacy Fund is created as a special | 33 |
| fund in the State treasury. State funds and private | 34 |
| contributions for the promotion of financial literacy shall be | 35 |
| deposited into the Financial Literacy Fund. All money in the | 36 |
| Financial Literacy Fund shall be used, subject to |
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| appropriation, by the State Board of Education to award grants | 2 |
| to school districts for the following: | 3 |
| (1) Defraying the costs of financial literacy training | 4 |
| for teachers. | 5 |
| (2) Rewarding a school or teacher who wins or achieves | 6 |
| results at a certain level of success in a financial | 7 |
| literacy competition. | 8 |
| (3) Rewarding a student who wins or achieves results at | 9 |
| a certain level of success in a financial literacy | 10 |
| competition. | 11 |
| (4) Funding activities, including books, games, field | 12 |
| trips, computers, and other activities, related to | 13 |
| financial literacy education. | 14 |
| In awarding grants, every effort must be made to ensure | 15 |
| that all geographic areas of the State are represented. | 16 |
| (d) A school board may establish a special fund in which to | 17 |
| receive public funds and private contributions for the | 18 |
| promotion of financial literacy. Money in the fund shall be | 19 |
| used for the following: | 20 |
| (1) Defraying the costs of financial literacy training | 21 |
| for teachers. | 22 |
| (2) Rewarding a school or teacher who wins or achieves | 23 |
| results at a certain level of success in a financial | 24 |
| literacy competition. | 25 |
| (3) Rewarding a student who wins or achieves results at | 26 |
| a certain level of success in a financial literacy | 27 |
| competition. | 28 |
| (4) Funding activities, including books, games, field | 29 |
| trips, computers, and other activities, related to | 30 |
| financial literacy education. | 31 |
| (e) The State Board of Education, upon the next | 32 |
| comprehensive review of the Illinois Learning Standards, is | 33 |
| urged to include the basic principles of personal insurance | 34 |
| policies and understanding simple contracts. | 35 |
| (Source: P.A. 86-300.)
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| Section 99. Effective date. This Act takes effect upon | 2 |
| becoming law. |
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