Illinois General Assembly - Full Text of Public Act 099-0284

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Public Act 099-0284

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Public Act 0284 99TH GENERAL ASSEMBLY

Public Act 099-0284

SB0672 Enrolled LRB099 06235 NHT 26300 b

    AN ACT concerning education.

    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:

    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. 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 consumer education, including but
not necessarily limited to (i) understanding the basic concepts
of financial literacy, including consumer debt and installment
purchasing (including credit scoring, managing credit debt,
and completing a loan application), 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 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. 95-863, eff. 1-1-09; 96-1061, eff. 7-14-10.)

    Section 99. Effective date. This Act takes effect July 1,
2015.

Effective Date: 8/5/2015

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