HB0157 102ND GENERAL ASSEMBLY

LRB102 05151 CMG 15172 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0157

Introduced 1/22/2021, by Rep. Daniel Didech

SYNOPSIS AS INTRODUCED:

105 ILCS 5/27-12.5 new

Amends the School Code. Provides that, beginning with the 2021-2022 school year, each school district maintaining any of grades 6 through 8 must include in its curriculum and require students in those grades to take a unit of instruction on financial literacy. Provides that the purpose of the instruction is to provide students with the basic financial literacy necessary for sound financial decision making and the instruction must include, but is not limited to, age-appropriate instruction on budgeting, savings, credit, debt, insurance, investments, and any other issues associated with personal financial responsibility. Requires the State Board of Education to prepare and make available to school boards instructional materials that may be used as guidelines for development of the unit of instruction. Effective immediately.

FISCAL NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

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 adding Section 27-12.5 as follows:

(105 ILCS 5/27-12.5 new)

Sec. 27-12.5. Financial literacy.

(a) Beginning with the 2021-2022 school year, each school district maintaining any of grades 6 through 8 must include in its curriculum and require students in those grades to take a unit of instruction on financial literacy. The purpose of the instruction is to provide students with the basic financial literacy necessary for sound financial decision making. The instruction must include, but is not limited to, age-appropriate instruction on budgeting, savings, credit, debt, insurance, investments, and any other issues associated with personal financial responsibility.

(b) The State Board of Education must prepare and make available to school boards instructional materials that may be used as guidelines for development of a unit of instruction under this Section.

(c) A school board shall determine the minimum amount of instructional time that qualifies as a unit of instruction satisfying the requirements of this Section.

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