Full Text of HB3680 94th General Assembly
HB3680sam002 94TH GENERAL ASSEMBLY
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Sen. Jacqueline Y. Collins
Filed: 5/13/2005
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LRB094 05821 NHT 46616 a |
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| AMENDMENT TO HOUSE BILL 3680
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| AMENDMENT NO. ______. Amend House Bill 3680 on page 1, | 3 |
| immediately below line 3, by inserting the following:
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| "Section 3. The State Finance Act is amended by adding | 5 |
| Section 5.640 as follows: | 6 |
| (30 ILCS 105/5.640 new) | 7 |
| Sec. 5.640. The Financial Literacy Fund. "; and | 8 |
| on page 1, line 4, after "amended", by inserting "by adding | 9 |
| Section 27-12.5 and"; and | 10 |
| on page 1, immediately below line 5, by inserting the | 11 |
| following: | 12 |
| "(105 ILCS 5/27-12.5 new) | 13 |
| Sec. 27-12.5. Financial literacy instruction. | 14 |
| (a) The State Board of Education shall develop and adopt | 15 |
| curricula, materials, and guidelines for school boards to use | 16 |
| in implementing a program of instruction on financial literacy | 17 |
| within courses currently offered in public high schools in this | 18 |
| State. | 19 |
| (b) The financial literacy program shall include, but not | 20 |
| be limited to, instruction in all of the following areas: | 21 |
| (1) Opening a deposit account and assessing the quality |
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| of a depository institution's services. | 2 |
| (2) Balancing a check book. | 3 |
| (3) Spending, credit, credit scoring, and managing | 4 |
| debt, including retail and credit card debt. | 5 |
| (4) Completing a loan application. | 6 |
| (5) The implications of an inheritance. | 7 |
| (6) The basic principles of personal insurance | 8 |
| policies. | 9 |
| (7) Computing State and federal income taxes. | 10 |
| (8) Local tax assessments. | 11 |
| (9) Computing interest rates by various mechanisms. | 12 |
| (10) Understanding simple contracts. | 13 |
| (11) Contesting an incorrect billing statement. | 14 |
| (12) Savings and investing. | 15 |
| (13) State and federal laws concerning finance. | 16 |
| (c) The Financial Literacy Fund is created as a special | 17 |
| fund in the State treasury. State funds and private | 18 |
| contributions for the promotion of financial literacy shall be | 19 |
| deposited into the Financial Literacy Fund. All money in the | 20 |
| Financial Literacy Fund shall be used, subject to | 21 |
| appropriation, by the State Board of Education to award grants | 22 |
| to school districts for the following: | 23 |
| (1) Defraying the costs of financial literacy training | 24 |
| for teachers. | 25 |
| (2) Rewarding a school or teacher who wins or achieves | 26 |
| results at a certain level of success in a financial | 27 |
| literacy competition. | 28 |
| (3) Rewarding a student who wins or achieves results at | 29 |
| a certain level of success in a financial literacy | 30 |
| competition. | 31 |
| (4) Funding activities, including books, games, field | 32 |
| trips, computers, and other activities, related to | 33 |
| financial literacy education. | 34 |
| In awarding grants, every effort must be made to ensure |
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| 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 at | 12 |
| 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 shall incorporate the | 18 |
| elements of the financial literacy program into Illinois | 19 |
| learning standards. ".
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