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Sen. Kimberly A. Lightford
Filed: 5/7/2024
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1 | | AMENDMENT TO HOUSE BILL 1375
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2 | | AMENDMENT NO. ______. Amend House Bill 1375 by replacing |
3 | | everything after the enacting clause with the following: |
4 | | "Section 5. The School Code is amended by changing Section |
5 | | 27-12.1 as follows: |
6 | | (105 ILCS 5/27-12.1) (from Ch. 122, par. 27-12.1) |
7 | | Sec. 27-12.1. Financial literacy and consumer Consumer |
8 | | education. |
9 | | (a) Pupils in the public schools in grades 9 through 12 |
10 | | shall be taught and be required to study courses which include |
11 | | instruction in the area of financial literacy and consumer |
12 | | education in alignment with the Illinois Social Science |
13 | | Learning Standards for Economics and Financial Literacy or |
14 | | other relevant Career and Technical Education Learning |
15 | | Standards, as appropriate. This instruction may include, but |
16 | | is not limited to , including but not necessarily limited to |
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1 | | (i) understanding the basic concepts of financial literacy and |
2 | | economics, such as explaining the role of money in the economy |
3 | | (including the roles and relationships among savers and |
4 | | borrowers); explaining the principles of supply and demand; |
5 | | how decisions affect the well-being of individuals, |
6 | | businesses, government and society; how income can be |
7 | | budgeted, managed, saved and spent on goods and services; |
8 | | explaining that, when people borrow, they receive something of |
9 | | value and agree to repay over time , including consumer debt |
10 | | and installment purchasing (including understanding credit |
11 | | scoring, preventing and managing credit debt, the cost of |
12 | | high-interest short-term "payday" loans, and completing a loan |
13 | | application) . This instruction may also include , budgeting, |
14 | | savings and investing, banking (including balancing a |
15 | | checkbook, opening a deposit account, and the use of interest |
16 | | rates), understanding simple contracts, State and federal |
17 | | income taxes, personal insurance policies, the comparison of |
18 | | prices, higher education student loans, identity-theft |
19 | | security, and homeownership (including the basic process of |
20 | | obtaining a mortgage and the concepts of fixed and adjustable |
21 | | rate mortgages, subprime loans, and predatory lending), and |
22 | | (ii) understanding the roles of consumers interacting with |
23 | | agriculture, business, labor unions and government in |
24 | | formulating and achieving the goals of the mixed free |
25 | | enterprise system. The State Board of Education shall |
26 | | determine, subject to appropriation, how to prepare and make |
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1 | | available instructional resources and professional learning |
2 | | opportunities for educators that may be used for the purpose |
3 | | of meeting the requirements of this Section devise or approve |
4 | | the consumer education curriculum for grades 9 through 12 and |
5 | | specify the minimum amount of instruction to be devoted |
6 | | thereto . |
7 | | (b) (Blank). |
8 | | (c) The Financial Literacy Fund is created as a special |
9 | | fund in the State treasury. State funds and private |
10 | | contributions for the promotion of financial literacy shall be |
11 | | deposited into the Financial Literacy Fund. All money in the |
12 | | Financial Literacy Fund shall be used, subject to |
13 | | appropriation, by the State Board of Education to award grants |
14 | | to school districts for the following: |
15 | | (1) Defraying the costs of financial literacy training |
16 | | for teachers. |
17 | | (2) Rewarding a school or teacher who wins or achieves |
18 | | results at a certain level of success in a financial |
19 | | literacy competition. |
20 | | (3) Rewarding a student who wins or achieves results |
21 | | at a certain level of success in a financial literacy |
22 | | competition. |
23 | | (4) Funding activities, including books, games, field |
24 | | trips, computers, and other activities, related to |
25 | | financial literacy education. |
26 | | In awarding grants, every effort must be made to ensure |
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1 | | that all geographic areas of the State are represented. |
2 | | (d) A school board may establish a special fund in which to |
3 | | receive public funds and private contributions for the |
4 | | promotion of financial literacy. Money in the fund shall be |
5 | | used for the following: |
6 | | (1) Defraying the costs of financial literacy training |
7 | | for teachers. |
8 | | (2) Rewarding a school or teacher who wins or achieves |
9 | | results at a certain level of success in a financial |
10 | | literacy competition. |
11 | | (3) Rewarding a student who wins or achieves results |
12 | | at a certain level of success in a financial literacy |
13 | | competition. |
14 | | (4) Funding activities, including books, games, field |
15 | | trips, computers, and other activities, related to |
16 | | financial literacy education. |
17 | | (e) The State Board of Education, upon the next |
18 | | comprehensive review of the Illinois Learning Standards, is |
19 | | urged to include the basic principles of personal insurance |
20 | | policies and understanding simple contracts. |
21 | | (Source: P.A. 99-284, eff. 8-5-15.)". |