HB1375sam001 103RD GENERAL ASSEMBLY

Sen. Kimberly A. Lightford

Filed: 5/7/2024

10300HB1375sam001 LRB103 25672 RJT 73133 a

AMENDMENT TO HOUSE BILL 1375

AMENDMENT NO. ______. Amend House Bill 1375 by replacing everything after the enacting clause with the following:

"Section 5. The School Code is amended by changing Section 27-12.1 as follows:

(105 ILCS 5/27-12.1) (from Ch. 122, par. 27-12.1)

Sec. 27-12.1. Financial literacy and consumer Consumer education.

(a) Pupils in the public schools in grades 9 through 12 shall be taught and be required to study courses which include instruction in the area of financial literacy and consumer education in alignment with the Illinois Social Science Learning Standards for Economics and Financial Literacy or other relevant Career and Technical Education Learning Standards, as appropriate. This instruction may include, but is not limited to, including but not necessarily limited to (i) understanding the basic concepts of financial literacy and economics, such as explaining the role of money in the economy (including the roles and relationships among savers and borrowers); explaining the principles of supply and demand; how decisions affect the well-being of individuals, businesses, government and society; how income can be budgeted, managed, saved and spent on goods and services; explaining that, when people borrow, they receive something of value and agree to repay over time , including consumer debt and installment purchasing (including understanding credit scoring, preventing and managing credit debt, the cost of high-interest short-term "payday" loans, and completing a loan application). This instruction may also include , budgeting, savings and investing, banking (including balancing a checkbook, opening a deposit account, and the use of interest rates), understanding simple contracts, State and federal income taxes, personal insurance policies, the comparison of prices, higher education student loans, identity-theft security, and homeownership (including the basic process of obtaining a mortgage and the concepts of fixed and adjustable rate mortgages, subprime loans, and predatory lending), and (ii) understanding the roles of consumers interacting with agriculture, business, labor unions and government in formulating and achieving the goals of the mixed free enterprise system. The State Board of Education shall determine, subject to appropriation, how to prepare and make available instructional resources and professional learning opportunities for educators that may be used for the purpose of meeting the requirements of this Section devise or approve the consumer education curriculum for grades 9 through 12 and specify the minimum amount of instruction to be devoted thereto.

(b) (Blank).

(c) The Financial Literacy Fund is created as a special fund in the State treasury. State funds and private contributions for the promotion of financial literacy shall be deposited into the Financial Literacy Fund. All money in the Financial Literacy Fund shall be used, subject to appropriation, by the State Board of Education to award grants to school districts for the following:

(1) Defraying the costs of financial literacy training for teachers.

(2) Rewarding a school or teacher who wins or achieves results at a certain level of success in a financial literacy competition.

(3) Rewarding a student who wins or achieves results at a certain level of success in a financial literacy competition.

(4) Funding activities, including books, games, field trips, computers, and other activities, related to financial literacy education.

In awarding grants, every effort must be made to ensure that all geographic areas of the State are represented.

(d) A school board may establish a special fund in which to receive public funds and private contributions for the promotion of financial literacy. Money in the fund shall be used for the following:

(1) Defraying the costs of financial literacy training for teachers.

(2) Rewarding a school or teacher who wins or achieves results at a certain level of success in a financial literacy competition.

(3) Rewarding a student who wins or achieves results at a certain level of success in a financial literacy competition.

(4) Funding activities, including books, games, field trips, computers, and other activities, related to financial literacy education.

(e) The State Board of Education, upon the next comprehensive review of the Illinois Learning Standards, is urged to include the basic principles of personal insurance policies and understanding simple contracts.

(Source: P.A. 99-284, eff. 8-5-15.)".