Sen. Kimberly A. Lightford

Filed: 5/7/2024





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2    AMENDMENT NO. ______. Amend House Bill 1375 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The School Code is amended by changing Section
527-12.1 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
9    (a) Pupils in the public schools in grades 9 through 12
10shall be taught and be required to study courses which include
11instruction in the area of financial literacy and consumer
12education in alignment with the Illinois Social Science
13Learning Standards for Economics and Financial Literacy or
14other relevant Career and Technical Education Learning
15Standards, as appropriate. This instruction may include, but
16is not limited to, including but not necessarily limited to



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1(i) understanding the basic concepts of financial literacy and
2economics, such as explaining the role of money in the economy
3(including the roles and relationships among savers and
4borrowers); explaining the principles of supply and demand;
5how decisions affect the well-being of individuals,
6businesses, government and society; how income can be
7budgeted, managed, saved and spent on goods and services;
8explaining that, when people borrow, they receive something of
9value and agree to repay over time , including consumer debt
10and installment purchasing (including understanding credit
11scoring, preventing and managing credit debt, the cost of
12high-interest short-term "payday" loans, and completing a loan
13application). This instruction may also include , budgeting,
14savings and investing, banking (including balancing a
15checkbook, opening a deposit account, and the use of interest
16rates), understanding simple contracts, State and federal
17income taxes, personal insurance policies, the comparison of
18prices, higher education student loans, identity-theft
19security, and homeownership (including the basic process of
20obtaining a mortgage and the concepts of fixed and adjustable
21rate mortgages, subprime loans, and predatory lending), and
22(ii) understanding the roles of consumers interacting with
23agriculture, business, labor unions and government in
24formulating and achieving the goals of the mixed free
25enterprise system. The State Board of Education shall
26determine, subject to appropriation, how to prepare and make



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1available instructional resources and professional learning
2opportunities for educators that may be used for the purpose
3of meeting the requirements of this Section devise or approve
4the consumer education curriculum for grades 9 through 12 and
5specify the minimum amount of instruction to be devoted
7    (b) (Blank).
8    (c) The Financial Literacy Fund is created as a special
9fund in the State treasury. State funds and private
10contributions for the promotion of financial literacy shall be
11deposited into the Financial Literacy Fund. All money in the
12Financial Literacy Fund shall be used, subject to
13appropriation, by the State Board of Education to award grants
14to 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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1that all geographic areas of the State are represented.
2    (d) A school board may establish a special fund in which to
3receive public funds and private contributions for the
4promotion of financial literacy. Money in the fund shall be
5used 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
18comprehensive review of the Illinois Learning Standards, is
19urged to include the basic principles of personal insurance
20policies and understanding simple contracts.
21(Source: P.A. 99-284, eff. 8-5-15.)".