Illinois General Assembly

Previous General Assemblies

Public Act 094-0929


 

Public Act 0929 94TH GENERAL ASSEMBLY



 


 
Public Act 094-0929
 
SB2191 Enrolled LRB094 13921 NHT 48802 b

    AN ACT concerning education.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The State Finance Act is amended by adding
Section 5.663 as follows:
 
    (30 ILCS 105/5.663 new)
    Sec. 5.663. The Financial Literacy Fund.
 
    Section 10. The School Code is amended by changing Section
27-12.1 as follows:
 
    (105 ILCS 5/27-12.1)  (from Ch. 122, par. 27-12.1)
    Sec. 27-12.1. Consumer education.
    (a) Subject to the provisions of subsection (b) of this
Section, 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 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, and the comparison of prices, and (ii) an
understanding of 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.
    (b) Prior to the commencement of the 1986-1987 school year
and prior to the commencement of each school year thereafter,
the State Board of Education shall devise, develop and furnish
to each school district within the State a uniform Annual
Consumer Education Proficiency Test to be administered by each
school district to those pupils of the district in grades 9
through 12 who elect to take the same, provided that no pupil
shall be permitted to take the test more than once in any
school year. Each year the State Board of Education shall by
rule prescribe the date or dates during the school year on
which school districts shall administer the test devised and
developed for that school year, together with the uniform
standards which all districts shall apply in scoring that test.
The test shall be devised and developed by the State Board of
Education each year in a standardized manner to allow any pupil
who takes the same and who achieves a score thereon which is
not less than the minimum score established by the State Board
of Education for the test so taken to thereby demonstrate
sufficient proficiency in the area of consumer education as
shall excuse such pupil from the necessity of receiving, as a
prerequisite to graduation from high school and receipt of a
high school diploma, the minimum amount of instruction in a
consumer education curriculum otherwise required by subsection
(a) and the rules or regulations promulgated thereunder. For
purposes of this subsection, "proficiency" is defined to mean
that a pupil is competent in and has a well advanced knowledge
of consumer education so that study of the course of
instruction required by this Section would not be substantially
educationally beneficial as determined by the State Board of
Education when developing the uniform standards and minimum
score requirements of this Section.
    (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. 86-300.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 6/26/2006