HB5533 104TH GENERAL ASSEMBLY

LRB104 19960 LNS 33410 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5533

Introduced 2/13/2026, by Rep. Jeff Keicher

SYNOPSIS AS INTRODUCED:

105 ILCS 5/27-305	was 105 ILCS 5/27-12.1
105 ILCS 5/27-605	was 105 ILCS 5/27-22

Amends the School Code. Requires, beginning with the 2029-2030 school year, for a pupil entering grade 9 to complete one semester of a stand-alone financial literacy course as a prerequisite to receiving a high school diploma, to be taken in grade 11 or 12. Requires the State Board of Education to establish a Financial Literacy Implementation Committee no later than June 30, 2027 to make recommendations to the State Superintendent of Education concerning the implementation of a stand-alone financial literacy course. Makes conforming and other changes. Effective immediately.

A BILL FOR

AN ACT concerning education.

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

Section 1. Purpose. The General Assembly has determined that it is in the best interests of the State and the State's citizens that all high school students be required to take a one semester course in financial literacy prior to graduation. Financial literacy is essential for students to make informed decisions about budgeting, saving, investing, credit management, and long-term financial planning. Many young adults enter the workforce without adequate knowledge of personal finance, leading to poor financial decisions that can impact their economic well-being throughout their lives. Requiring financial literacy education in high schools will better prepare students for financial independence and economic success.

Research has shown that a financial literacy course is significantly more effective if taught as a separate course in grade 11 or 12 rather than embedded in another course or taught at an earlier time. Similarly, research has shown that before the course can be implemented, there must be time to develop curriculum and provide incentives for professional development for teachers of the course.

Section 5. The School Code is amended by changing Sections 27-305 and 27-605 as follows:

(105 ILCS 5/27-305) (was 105 ILCS 5/27-12.1)

Sec. 27-305. Financial literacy Consumer education.

(a) For pupils entering grade 9 before the 2029-2030 school year, pupils 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 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.

(a-5) Beginning the 2029-2030 school year, pupils entering grade 9 in the public schools shall be taught and required to complete a stand-alone, one-semester or equivalent course covering financial literacy to be completed in grade 11 or 12. The course may be offered as a stand-alone course or integrated into existing required coursework in mathematics, social studies, or career and technical education, as long as all required competencies are met. The financial literacy course shall include, but not be limited to: instruction covering earning income, including understanding pay statements and the difference between gross and net pay; budgeting and financial planning, including tracking income and expenses; saving and investing, including the power of compound interest, retirement accounts, and basic investment vehicles; credit management, including understanding credit scores, interest rates, credit cards, and consequences of debt; consumer protection, including identity theft prevention, understanding contracts, and recognizing financial fraud; insurance and risk management, including health, automobile, life, disability, and property insurance; taxes, including federal and State income taxes and basic tax filing; banking services, including checking and saving accounts, electronic payments, and online banking; major purchases, including understanding automobile loans, mortgages, and lease agreements; and higher education financing, including students loans, financial aid, and higher education cost considerations. The financial literacy education standards for the course shall consider any recommendations from the Financial Literacy Implementation Committee under subsection (f). The State Board of Education may review and update 3 curriculum standards every 5 years. The State Board of Education may adopt rules or national standards for financial literacy education in implementing the curriculum standards.

A school board shall oversee implementation of the financial literacy course for each high school student prior to graduation.

The State Board of Education shall develop implementation guidelines and timelines to assist schools in implementing the financial literacy course under this subsection, considering any recommendations from the Financial Literacy Implementation Committee under subsection (f).

(b) (Blank).

(c) (Blank).

(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 instruction in subsection (a-5), basic principles of personal insurance policies, and understanding simple contracts.

(f) The State Board of Education shall establish a Financial Literacy Implementation Committee no later than June 30, 2027 to make recommendations to the State Superintendent of Education concerning the implementation of subsection (a-5).

The Committee shall include the following members:

(1) the State Superintendent of Education, or the State Superintendent's designee, who shall serve as ex officio and as chairperson of the Committee;

(2) the Director of K-12 Curriculum and Instruction at the State Board of Education, or the Director's designee;

(3) one member appointed by the State Treasurer;

(4) two members representing organized labor, appointed by the Governor with the advice and consent of the Senate;

(5) two members representing school districts, appointed by the Governor with the advice and consent of the Senate; and

(6) two members representing State insurance professional trade associations and selected to ensure that the diversity of this State is represented, appointed by the Governor with the advice and consent of the Senate.

Members of the Committee shall serve without compensation. The State Board of Education shall provide administrative support to the Committee.

The Committee shall hold its first meeting no later than 90 days following the establishment of the Committee and shall meet quarterly thereafter. At each quarterly meeting, the State Superintendent of Education shall make a report to the Committee. All meetings of the Committee shall be open to the public.

The State Board of Education shall present regular and timely reports to the Committee regarding the implementation of subsection (a-5), including, but not limited to, engagement, system operations, and resources allocated. The State Board of Education shall gather stakeholder input in preparing the reports for the Committee.

Members of the Committee shall serve until July 1, 2029, at which time the State Board of Education shall dissolve the Committee.

This subsection is inoperative after July 1, 2029.

(Source: P.A. 103-616, eff. 7-1-24; 104-391, eff. 8-15-25.)

(105 ILCS 5/27-605) (was 105 ILCS 5/27-22)

Sec. 27-605. Required high school courses.

(a) (Blank).

(b) (Blank).

(c) (Blank).

(d) (Blank).

(e) Through the 2023-2024 school year, as a prerequisite to receiving a high school diploma, each pupil entering the 9th grade must, in addition to other course requirements, successfully complete all of the following courses:

(1) Four years of language arts.

(2) Two years of writing intensive courses, one of which must be English and the other of which may be English or any other subject. When applicable, writing-intensive courses may be counted towards the fulfillment of other graduation requirements.

(3) Three years of mathematics, one of which must be Algebra I, one of which must include geometry content, and one of which may be an Advanced Placement computer science course. A mathematics course that includes geometry content may be offered as an integrated, applied, interdisciplinary, or career and technical education course that prepares a student for a career readiness path.

(3.5) For pupils entering the 9th grade in the 2022-2023 school year and 2023-2024 school year, one year of a course that includes intensive instruction in computer literacy, which may be English, social studies, or any other subject and which may be counted toward the fulfillment of other graduation requirements.

(4) Two years of science.

(5) Two years of social studies, of which at least one year must be history of the United States or a combination of history of the United States and American government and, beginning with pupils entering the 9th grade in the 2016-2017 school year and each school year thereafter, at least one semester must be civics, which shall help young people acquire and learn to use the skills, knowledge, and attitudes that will prepare them to be competent and responsible citizens throughout their lives. Civics course content shall focus on government institutions, the discussion of current and controversial issues, service learning, and simulations of the democratic process. School districts may utilize private funding available for the purposes of offering civics education. Beginning with pupils entering the 9th grade in the 2021-2022 school year, one semester, or part of one semester, may include a financial literacy course.

(6) One year chosen from (A) music, (B) art, (C) foreign language, which shall be deemed to include American Sign Language, (D) vocational education, or (E) forensic speech (speech and debate). A forensic speech course used to satisfy the course requirement under subdivision (1) may not be used to satisfy the course requirement under this subdivision (6).

(e-5) Beginning with the 2024-2025 school year, as a prerequisite to receiving a high school diploma, each pupil entering the 9th grade must, in addition to other course requirements, successfully complete all of the following courses:

(1) Four years of language arts.

(2) Two years of writing intensive courses, one of which must be English and the other of which may be English or any other subject. If applicable, writing-intensive courses may be counted toward the fulfillment of other graduation requirements.

(3) Three years of mathematics, one of which must be Algebra I, one of which must include geometry content, and one of which may be an Advanced Placement computer science course. A mathematics course that includes geometry content may be offered as an integrated, applied, interdisciplinary, or career and technical education course that prepares a student for a career readiness path.

(3.5) One year of a course that includes intensive instruction in computer literacy, which may be English, social studies, or any other subject and which may be counted toward the fulfillment of other graduation requirements.

(4) Two years of laboratory science.

(5) Two years of social studies, of which at least one year must be history of the United States or a combination of history of the United States and American government and at least one semester must be civics, which shall help young people acquire and learn to use the skills, knowledge, and attitudes that will prepare them to be competent and responsible citizens throughout their lives. Civics course content shall focus on government institutions, the discussion of current and controversial issues, service learning, and simulations of the democratic process. School districts may utilize private funding available for the purposes of offering civics education. One semester, or part of one semester, may include a financial literacy course.

(6) One year chosen from (A) music, (B) art, (C) foreign language, which shall be deemed to include American Sign Language, (D) career and technical education, or (E) forensic speech (speech and debate). A forensic speech course used to satisfy the course requirement under subdivision (1) may not be used to satisfy the course requirement under this subdivision (6).

(e-10) Beginning with the 2028-2029 school year, as a prerequisite to receiving a high school diploma, each pupil entering the 9th grade must, in addition to other course requirements, successfully complete 2 years of foreign language courses, which may include American Sign Language. A pupil may choose a third year of foreign language to satisfy the requirement under subdivision (6) of subsection (e-5).

(e-15) Beginning with the 2029-2030 school year, as a prerequisite to receiving a high school diploma, each pupil entering the 9th grade must successfully complete one semester or the equivalent of a stand-alone course on personal finance education to be taken in grade 11 or 12, which may be counted toward the fulfillment of other graduation requirements under subsection (e-5) as determined by the State Board of Education.

(f) The State Board of Education shall develop and inform school districts of standards for writing-intensive coursework.

(f-5) If a school district offers an Advanced Placement computer science course to high school students, then the school board must designate that course as equivalent to a high school mathematics course and must denote on the student's transcript that the Advanced Placement computer science course qualifies as a mathematics-based, quantitative course for students in accordance with subdivision (3) of subsection (e) of this Section.

(g) Public Act 83-1082 does not apply to pupils entering the 9th grade in 1983-1984 school year and prior school years or to students with disabilities whose course of study is determined by an individualized education program.

Public Act 94-676 does not apply to pupils entering the 9th grade in the 2004-2005 school year or a prior school year or to students with disabilities whose course of study is determined by an individualized education program.

Subdivision (3.5) of subsection (e) does not apply to pupils entering the 9th grade in the 2021-2022 school year or a prior school year or to students with disabilities whose course of study is determined by an individualized education program.

Subsection (e-5) does not apply to pupils entering the 9th grade in the 2023-2024 school year or a prior school year or to students with disabilities whose course of study is determined by an individualized education program. Subsection (e-10) does not apply to pupils entering the 9th grade in the 2027-2028 school year or a prior school year or to students with disabilities whose course of study is determined by an individualized education program.

(h) The provisions of this Section are subject to the provisions of Sections 14A-32 and 27-610 of this Code and the Postsecondary and Workforce Readiness Act.

(i) The State Board of Education may adopt rules to modify the requirements of this Section for any students enrolled in grades 9 through 12 if the Governor has declared a disaster due to a public health emergency pursuant to Section 7 of the Illinois Emergency Management Agency Act.

(Source: P.A. 103-154, eff. 6-30-23; 103-743, eff. 8-2-24; 104-387, eff. 8-15-25; 104-391, eff. 8-15-25; revised 9-24-25.)

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