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| Public Act 096-1061 | ||||
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AN ACT concerning education.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The School Code is amended by changing Section | ||||
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. | ||||
(a) Pupils Subject to the provisions of
subsection (b) of | ||||
this Section, 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 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, 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)
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understanding the roles of consumers
interacting with | ||||
agriculture, business, labor unions and government in
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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.
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(b) (Blank). Prior to the commencement of the 1986-1987 | ||
school year and prior to
the commencement of each school year | ||
thereafter, the State Board of
Education shall devise, develop | ||
and furnish to each school district within the
State a uniform | ||
Annual Consumer Education Proficiency Test to be
administered | ||
by each school district to those pupils of the district in
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grades 9 through 12 who elect to take the same, provided that | ||
no pupil shall
be permitted to take the test more than once in | ||
any school year. Each year
the State Board of Education shall | ||
by rule prescribe the date or dates
during the school year on | ||
which school districts shall administer the test
devised and | ||
developed for that school year, together with the uniform
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standards which all districts shall apply in scoring that test. | ||
The test shall
be devised and developed by the State Board of | ||
Education each year in a
standardized manner to allow any pupil | ||
who takes the same and who achieves
a score thereon which is | ||
not less than the minimum score established by the
State Board | ||
of Education for the test so taken to thereby demonstrate
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sufficient proficiency in the area of consumer education as | ||
shall excuse
such pupil from the necessity of receiving, as a | ||
prerequisite to graduation
from high school and receipt of a | ||
high school diploma, the minimum amount
of instruction in a | ||
consumer education curriculum otherwise required by
subsection | ||
(a) and the rules
or regulations promulgated thereunder. For | ||
purposes of this subsection,
"proficiency" is defined to mean | ||
that a pupil is competent in and has a
well advanced knowledge | ||
of consumer education so that study of the course
of | ||
instruction required by this Section would not be substantially
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educationally beneficial as determined by the State Board of | ||
Education when
developing the uniform standards and minimum | ||
score requirements of this
Section.
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(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. 94-929, eff. 6-26-06; 95-863, eff. 1-1-09.)
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Section 99. Effective date. This Act takes effect July 1, | ||
2010.
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