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| Public Act 099-0284 | ||||
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AN ACT concerning education.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The School Code is amended by changing Section | ||||
27-12.1 as follows:
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(105 ILCS 5/27-12.1) (from Ch. 122, par. 27-12.1)
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Sec. 27-12.1. Consumer education. | ||||
(a) 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 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.
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(b) (Blank).
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(c) The Financial Literacy Fund is created as a special | ||
fund in the State treasury. State funds and private | ||
contributions for the promotion of financial literacy shall be | ||
deposited into the Financial Literacy Fund. All money in the | ||
Financial Literacy Fund shall be used, subject to | ||
appropriation, by the State Board of Education to award grants | ||
to school districts 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. | ||
In awarding grants, every effort must be made to ensure | ||
that all geographic areas of the State are represented. | ||
(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 basic principles of personal insurance | ||
policies and understanding simple contracts. | ||
(Source: P.A. 95-863, eff. 1-1-09; 96-1061, eff. 7-14-10.)
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Section 99. Effective date. This Act takes effect July 1, | ||
2015.
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