Full Text of SB1556 102nd General Assembly
SB1556sam002 102ND GENERAL ASSEMBLY | Sen. Celina Villanueva Filed: 4/16/2021
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| 1 | | AMENDMENT TO SENATE BILL 1556
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1556, AS AMENDED, | 3 | | by replacing everything after the enacting clause with the | 4 | | following:
| 5 | | "Section 1. Short title. This Act may be cited as the | 6 | | Financial Literacy Task Force Act. | 7 | | Section 5. Financial Literacy Task Force.
| 8 | | (a) The Financial Literacy Task Force is established to | 9 | | study and identify best practices for increasing the financial | 10 | | capacity of young adults in Illinois and develop | 11 | | recommendations for increasing the availability, uptake, and | 12 | | positive outcomes of financial education in this State's | 13 | | postsecondary academic institutions. | 14 | | (b) The Task Force shall consist of the following members:
| 15 | | (1) one Representative appointed by the Speaker of the | 16 | | House of Representatives;
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| 1 | | (2) one Representative appointed by the Minority | 2 | | Leader of the House of Representatives;
| 3 | | (3) one Senator appointed by the President of the | 4 | | Senate;
| 5 | | (4) one Senator appointed by the Minority Leader of | 6 | | the Senate;
| 7 | | (5) the State Treasurer or his or her designee;
| 8 | | (6) the Executive Director of the Illinois Student | 9 | | Assistance Commission or his or her designee; | 10 | | (7) the State Superintendent of Education or his or | 11 | | her designee;
| 12 | | (8) the Executive Director of the Board of Higher | 13 | | Education or his or her designee; | 14 | | (9) the Executive Director of the Community College | 15 | | Board or his or her designee; and | 16 | | (10) the State Comptroller or his or her designee. | 17 | | (c) The Task Force shall also consist of the following | 18 | | members appointed by the Executive Director of the Illinois | 19 | | Student Assistance Commission: | 20 | | (1) one first generation college student enrolled at a | 21 | | public university in this State;
| 22 | | (2) one first year college student enrolled at a | 23 | | public university in this State;
| 24 | | (3) one employed adult under the age of 34;
| 25 | | (4) one representative of an association representing | 26 | | a statewide banking association exclusively representing |
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| 1 | | banks with assets below $20,000,000,000;
| 2 | | (5) one representative of an association representing | 3 | | credit unions; | 4 | | (6) one representative of a nonprofit community | 5 | | organization that serves young adults;
| 6 | | (7) one representative of a financial education | 7 | | nonprofit community organization;
| 8 | | (8) one accountant;
| 9 | | (9) two professors at different public universities in | 10 | | this State who teach financial capacity; | 11 | | (10) one representative of a human resource management | 12 | | organization; | 13 | | (11) one representative of a statewide professional | 14 | | organization that advocates on behalf of public university | 15 | | employees; and | 16 | | (12) one representative of a statewide banking | 17 | | association representing banks of all asset sizes. | 18 | | (d) Members appointed to the Commission must reflect the | 19 | | racial, ethnic, religious, and geographic diversity of this | 20 | | State. | 21 | | (e) The Office of the State Treasurer shall provide | 22 | | administrative support for the Task Force. The Task Force | 23 | | shall hold its first meeting within 6 months after the | 24 | | effective date of this Act and shall meet at least 4 times | 25 | | during the duration of the Task Force. The Task Force shall | 26 | | select from among its members a chairperson. |
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| 1 | | (f) Members of the Task Force shall serve without | 2 | | compensation. | 3 | | Section 10. Report.
| 4 | | (a) On or before December 31, 2022, the Task Force shall | 5 | | submit a report to the Governor and General Assembly regarding | 6 | | financial literacy education in postsecondary academic | 7 | | institutions. | 8 | | (b) The report shall include recommendations aimed at | 9 | | reducing economic disparities among socioeconomic groups | 10 | | caused by disparate access to financial education and may | 11 | | include strategies to ensure that young adults who graduate | 12 | | from a public postsecondary school in this State can: | 13 | | (1) demonstrate competence in managing their finances; | 14 | | (2) identify and avoid fraud, predatory financial | 15 | | practices, and identify theft; | 16 | | (3) navigate the terminology associated with | 17 | | on-boarding documents, including, but not limited to, tax | 18 | | documents, life insurance policies, health insurance | 19 | | plans, and retirement plan options; | 20 | | (4) understand the lending process and the importance | 21 | | of strong credit; | 22 | | (5) understand the basics of investing in the stock | 23 | | market; and | 24 | | (6) display an awareness of the cost and benefits of | 25 | | credit and compounding interest. |
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| 1 | | (c) The report shall also include recommended policies, | 2 | | programs, funding, and data points required to assess and | 3 | | increase the financial capacity of young adults in | 4 | | postsecondary schools in Illinois, particularly those who come | 5 | | from communities targeted by predatory financial practices. | 6 | | Section 15. Repeal. This Act is repealed January 1, 2024.
| 7 | | Section 99. Effective date. This Act takes effect upon | 8 | | becoming law.".
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