SB1556sam001 102ND GENERAL ASSEMBLY

Sen. Celina Villanueva

Filed: 4/9/2021

10200SB1556sam001 LRB102 16519 RJF 24772 a

AMENDMENT TO SENATE BILL 1556

AMENDMENT NO. ______. Amend Senate Bill 1556 by replacing everything after the enacting clause with the following:

"Section 1. Short title. This Act may be cited as the Financial Literacy Task Force Act.

Section 5. Financial Literacy Task Force.

(a) The Financial Literacy Task Force is established to study and identify best practices for increasing the financial capacity of young adults in Illinois and develop recommendations for increasing the availability, uptake, and positive outcomes of financial education in this State's postsecondary academic institutions.

(b) The Task Force shall consist of the following members:

(1) one Representative appointed by the Speaker of the House of Representatives;

(2) one Representative appointed by the Minority Leader of the House of Representatives;

(3) one Senator appointed by the President of the Senate;

(4) one Senator appointed by the Minority Leader of the Senate;

(5) the State Treasurer or his or her designee;

(6) the Executive Director of the Illinois Student Assistance Commission or his or her designee;

(7) the State Superintendent of Education or his or her designee;

(8) the Executive Director of the Board of Higher Education or his or her designee; and

(9) the Executive Director of the Community College Board or his or her designee.

(c) The Task Force shall also consist of the following members appointed by the Executive Director of the Illinois Student Assistance Commission:

(1) one first generation college student enrolled at a public university in this State;

(2) one first year college student enrolled at a public university in this State;

(3) one employed adult under the age of 34;

(4) one representative of an association representing a statewide banking association exclusively representing banks with assets below $20,000,000,000;

(5) one representative of an association representing credit unions;

(6) one representative of a nonprofit community organization that serves young adults;

(7) one representative of a financial education nonprofit community organization;

(8) one accountant;

(9) two professors at different public universities in this State who teach financial capacity; and

(10) one representative of a human resource management organization.

(d) Members appointed to the Commission must reflect the racial, ethnic, religious, and geographic diversity of this State.

(e) The Governor's Office shall appoint a member of the House of Representatives whose staff shall provide administrative support for the Task Force. The appointed member may delegate administrative responsibilities to a community organization. The Task Force shall hold its first meeting within 6 months after the effective date of this Act and shall meet at least 4 times during the duration of the Task Force. The Task Force shall select from among its members a chairperson.

(f) Members of the Task Force shall serve without compensation.

Section 10. Report.

(a) On or before December 31, 2022, the Task Force shall submit a report to the Governor and General Assembly regarding financial literacy education in postsecondary academic institutions.

(b) The report shall include recommendations aimed at reducing economic disparities among socioeconomic groups caused by disparate access to financial education and may include strategies to ensure that young adults who graduate from a public postsecondary school in this State can:

(1) demonstrate competence in managing their finances;

(2) identify and avoid fraud, predatory financial practices, and identify theft;

(3) navigate the terminology associated with on-boarding documents, including, but not limited to, tax documents, life insurance policies, health insurance plans, and retirement plan options;

(4) understand the lending process and the importance of strong credit;

(5) understand the basics of investing in the stock market; and

(6) display an awareness of the cost and benefits of credit and compounding interest.

(c) The report shall also include recommended policies, programs, funding, and data points required to assess and increase the financial capacity of young adults in postsecondary schools in Illinois, particularly those who come from communities targeted by predatory financial practices.

Section 15. Repeal. This Act is repealed January 1, 2024.

Section 99. Effective date. This Act takes effect upon becoming law.".