Illinois General Assembly - Full Text of SB0672
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Full Text of SB0672  99th General Assembly

SB0672 99TH GENERAL ASSEMBLY

  
  

 


 
99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB0672

 

Introduced 2/3/2015, by Sen. Kimberly A. Lightford

 

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

    Amends the School Code. Adds the subjects of consumer debt, higher education student loans, and identity-theft security to the list of subjects that are required to be included in the financial literacy component of consumer education. Effective July 1, 2015.


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FISCAL NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

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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 courses which include
10instruction in the area of consumer education, including but
11not necessarily limited to (i) understanding the basic concepts
12of financial literacy, including consumer debt and installment
13purchasing (including credit scoring, managing credit debt,
14and completing a loan application), budgeting, savings and
15investing, banking (including balancing a checkbook, opening a
16deposit account, and the use of interest rates), understanding
17simple contracts, State and federal income taxes, personal
18insurance policies, the comparison of prices, higher education
19student loans, identity-theft security, and homeownership
20(including the basic process of obtaining a mortgage and the
21concepts of fixed and adjustable rate mortgages, subprime
22loans, and predatory lending), and (ii) understanding the roles
23of consumers interacting with agriculture, business, labor

 

 

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1unions and government in formulating and achieving the goals of
2the mixed free enterprise system. The State Board of Education
3shall devise or approve the consumer education curriculum for
4grades 9 through 12 and specify the minimum amount of
5instruction to be devoted thereto.
6    (b) (Blank).
7    (c) The Financial Literacy Fund is created as a special
8fund in the State treasury. State funds and private
9contributions for the promotion of financial literacy shall be
10deposited into the Financial Literacy Fund. All money in the
11Financial Literacy Fund shall be used, subject to
12appropriation, by the State Board of Education to award grants
13to 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
26that 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
2receive public funds and private contributions for the
3promotion of financial literacy. Money in the fund shall be
4used 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
17comprehensive review of the Illinois Learning Standards, is
18urged to include the basic principles of personal insurance
19policies and understanding simple contracts.
20(Source: P.A. 95-863, eff. 1-1-09; 96-1061, eff. 7-14-10.)
 
21    Section 99. Effective date. This Act takes effect July 1,
222015.