103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4658

 

Introduced 2/6/2024, by Rep. Curtis J. Tarver, II - Dave Vella

 

SYNOPSIS AS INTRODUCED:
 
See Index

    Amends the Courses of Study Article of the School Code. Instead of requiring consumer education to be taught and studied, provides that, beginning with pupils entering the 9th grade in the 2027-2028 school year, pupils in the public schools in grade 11 or 12 shall be taught and be required to complete a stand-alone, one-semester or equivalent course covering personal finance. Sets forth what topics must be included. Provides that the State Board of Education shall devise or approve the personal finance education standards for the course. Provides that the school board shall oversee implementation of the course for each high school student prior to graduation. Provides that the State Board of Education shall establish a Financial Literacy Implementation Committee no later than June 30, 2024 to make recommendations to the State Superintendent of Education concerning the implementation of the course for each high school student prior to graduation. Sets forth provisions concerning Committee members, meetings, and support. Provides that the State Board of Education shall present regular and timely reports to the Committee regarding the implementation of the course. Requires a pupil to successfully complete a course on personal finance education as a prerequisite to receiving a high school diploma (rather than allowing a financial literacy course to be included as part of the social studies requirement). Makes other changes. Effective immediately.


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STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
MAY APPLY

 

 

A BILL FOR

 

HB4658LRB103 38241 RJT 68376 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Purpose. The General Assembly has determined
5that it is in the best interests of the State and the State's
6citizens that all high school students be required to take a
7one semester course in personal finance prior to graduation.
8Research has shown that such a course is significantly more
9effective if taught as a separate course in the 11th or 12th
10grade rather than embedded in another course or taught at an
11earlier time. Similarly, research has shown that before the
12course can be implemented, there must be time to develop
13curriculum and provide incentives for professional development
14for teachers of the course.
 
15    Section 5. The School Code is amended by changing Sections
1627-12.1 and 27-22 as follows:
 
17    (105 ILCS 5/27-12.1)  (from Ch. 122, par. 27-12.1)
18    Sec. 27-12.1. Personal finance Consumer education.
19    (a) For pupils entering the 9th grade before the 2027-2028
20school year, pupils Pupils in the public schools in grades 9
21through 12 shall be taught and be required to study courses
22which include instruction in the area of consumer education,

 

 

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1including but not necessarily limited to (i) understanding the
2basic concepts of financial literacy, including consumer debt
3and installment purchasing (including credit scoring, managing
4credit debt, and completing a loan application), budgeting,
5savings and investing, banking (including balancing a
6checkbook, opening a deposit account, and the use of interest
7rates), understanding simple contracts, State and federal
8income taxes, personal insurance policies, the comparison of
9prices, higher education student loans, identity-theft
10security, and homeownership (including the basic process of
11obtaining a mortgage and the concepts of fixed and adjustable
12rate mortgages, subprime loans, and predatory lending), and
13(ii) understanding the roles of consumers interacting with
14agriculture, business, labor unions and government in
15formulating and achieving the goals of the mixed free
16enterprise system. The State Board of Education shall devise
17or approve the consumer education curriculum for grades 9
18through 12 and specify the minimum amount of instruction to be
19devoted thereto.
20    (a-5) Beginning with pupils entering the 9th grade in the
212027-2028 school year, pupils in the public schools in grade
2211 or 12 shall be taught and be required to complete a
23stand-alone, one-semester or equivalent course covering
24personal finance, which shall include, but is not limited to,
25instruction covering behavioral economics; banking and bill
26payment; investing; types of credit; managing credit,

 

 

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1including credit scores; paying for college; insurance; taxes;
2budgeting; consumer skills; retirement planning, including
3tax-advantaged retirement plans; home ownership and financing;
4and personal transportation, including car ownership and
5leasing. The State Board of Education shall devise or approve
6the personal finance education standards for the course,
7taking into account any recommendations from the Financial
8Literacy Implementation Committee established under subsection
9(f). The State Board of Education may review and update these
10curriculum standards every 5 years. The State Board of
11Education may adopt or adapt national standards for personal
12finance education in implementing the curriculum standards.
13    A school board shall oversee implementation of the
14personal finance course for each high school student prior to
15graduation.
16    The State Board of Education shall develop implementation
17guidelines and timelines to assist schools in implementing
18this course, taking into account any recommendations from the
19Financial Literacy Implementation Committee established under
20subsection (f).
21    (b) (Blank).
22    (c) The Financial Literacy Fund is created as a special
23fund in the State treasury. State funds and private
24contributions for the promotion of financial literacy shall be
25deposited into the Financial Literacy Fund. All money in the
26Financial Literacy Fund shall be used, subject to

 

 

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1appropriation, by the State Board of Education to award grants
2to school districts for the following:
3        (1) Defraying the costs of financial literacy training
4    for teachers.
5        (2) Rewarding a school or teacher who wins or achieves
6    results at a certain level of success in a financial
7    literacy competition.
8        (3) Rewarding a student who wins or achieves results
9    at a certain level of success in a financial literacy
10    competition.
11        (4) Funding activities, including books, games, field
12    trips, computers, and other activities, related to
13    financial literacy education.
14    In awarding grants, every effort must be made to ensure
15that all geographic areas of the State are represented.
16    (d) A school board may establish a special fund in which to
17receive public funds and private contributions for the
18promotion of financial literacy. Money in the fund shall be
19used for the following:
20        (1) Defraying the costs of financial literacy training
21    for teachers.
22        (2) Rewarding a school or teacher who wins or achieves
23    results at a certain level of success in a financial
24    literacy competition.
25        (3) Rewarding a student who wins or achieves results
26    at a certain level of success in a financial literacy

 

 

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1    competition.
2        (4) Funding activities, including books, games, field
3    trips, computers, and other activities, related to
4    financial literacy education.
5    (e) The State Board of Education, upon the next
6comprehensive review of the Illinois Learning Standards, is
7urged to include the instruction listed in subsection (a-5),
8basic principles of personal insurance policies, and
9understanding simple contracts.
10    (f) The State Board of Education shall establish a
11Financial Literacy Implementation Committee no later than June
1230, 2024 to make recommendations to the State Superintendent
13of Education concerning the implementation of subsection (a-5)
14of this Section.
15    The Committee shall include all of the following members:
16        (1) The State Superintendent of Education or the State
17    Superintendent's designee, who shall serve ex officio and
18    as chairperson of the Committee.
19        (2) The Director of K-12 Curriculum and Instruction at
20    the State Board of Education or the Director's designee.
21        (3) One member appointed by the State Treasurer.
22        (4) Two members representing organized labor,
23    appointed by the Governor with the advice and consent of
24    the Senate.
25        (5) Two members representing school districts,
26    appointed by the Governor with the advice and consent of

 

 

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1    the Senate.
2        (6) Two members representing other relevant
3    stakeholders and selected to ensure that the diversity of
4    this State is represented, appointed by the Governor with
5    the advice and consent of the Senate.
6    Members of the Committee shall serve until July 1, 2027,
7at which time the State Board of Education shall dissolve the
8Committee, and shall serve without compensation.
9    The Committee shall hold its first meeting no later than
1090 days following the establishment of the Committee and shall
11meet quarterly thereafter. At each quarterly meeting, the
12State Superintendent of Education shall make a report to the
13Committee. All meetings of the Committee shall be open to the
14public.
15    The State Board of Education shall present regular and
16timely reports to the Committee regarding the implementation
17of subsection (a-5) of this Section, including, but not
18limited to, information on curriculum development, stakeholder
19engagement, systems operations, and resources allocated. The
20State Board of Education shall gather stakeholder input in
21preparing the reports for the Committee.
22    The State Board of Education shall provide administrative
23support to the Committee.
24    The provisions of this subsection (f), other than this
25sentence, are inoperative after July 1, 2027.
26(Source: P.A. 99-284, eff. 8-5-15.)
 

 

 

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1    (105 ILCS 5/27-22)  (from Ch. 122, par. 27-22)
2    Sec. 27-22. Required high school courses.
3    (a) (Blank).
4    (b) (Blank).
5    (c) (Blank).
6    (d) (Blank).
7    (e) Through the 2023-2024 school year, as a prerequisite
8to receiving a high school diploma, each pupil entering the
99th grade must, in addition to other course requirements,
10successfully complete all of the following courses:
11        (1) Four years of language arts.
12        (2) Two years of writing intensive courses, one of
13    which must be English and the other of which may be English
14    or any other subject. When applicable, writing-intensive
15    courses may be counted towards the fulfillment of other
16    graduation requirements.
17        (3) Three years of mathematics, one of which must be
18    Algebra I, one of which must include geometry content, and
19    one of which may be an Advanced Placement computer science
20    course. A mathematics course that includes geometry
21    content may be offered as an integrated, applied,
22    interdisciplinary, or career and technical education
23    course that prepares a student for a career readiness
24    path.
25        (3.5) For pupils entering the 9th grade in the

 

 

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1    2022-2023 school year and 2023-2024 school year, one year
2    of a course that includes intensive instruction in
3    computer literacy, which may be English, social studies,
4    or any other subject and which may be counted toward the
5    fulfillment of other graduation requirements.
6        (4) Two years of science.
7        (5) Two years of social studies, of which at least one
8    year must be history of the United States or a combination
9    of history of the United States and American government
10    and, beginning with pupils entering the 9th grade in the
11    2016-2017 school year and each school year thereafter, at
12    least one semester must be civics, which shall help young
13    people acquire and learn to use the skills, knowledge, and
14    attitudes that will prepare them to be competent and
15    responsible citizens throughout their lives. Civics course
16    content shall focus on government institutions, the
17    discussion of current and controversial issues, service
18    learning, and simulations of the democratic process.
19    School districts may utilize private funding available for
20    the purposes of offering civics education. Beginning with
21    pupils entering the 9th grade in the 2021-2022 school
22    year, one semester, or part of one semester, may include a
23    financial literacy course.
24        (6) One year chosen from (A) music, (B) art, (C)
25    foreign language, which shall be deemed to include
26    American Sign Language, (D) vocational education, or (E)

 

 

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1    forensic speech (speech and debate). A forensic speech
2    course used to satisfy the course requirement under
3    subdivision (1) may not be used to satisfy the course
4    requirement under this subdivision (6).
5    (e-5) Beginning with the 2024-2025 school year, as a
6prerequisite to receiving a high school diploma, each pupil
7entering the 9th grade must, in addition to other course
8requirements, successfully complete all of the following
9courses:
10        (1) Four years of language arts.
11        (2) Two years of writing intensive courses, one of
12    which must be English and the other of which may be English
13    or any other subject. If applicable, writing-intensive
14    courses may be counted toward the fulfillment of other
15    graduation requirements.
16        (3) Three years of mathematics, one of which must be
17    Algebra I, one of which must include geometry content, and
18    one of which may be an Advanced Placement computer science
19    course. A mathematics course that includes geometry
20    content may be offered as an integrated, applied,
21    interdisciplinary, or career and technical education
22    course that prepares a student for a career readiness
23    path.
24        (3.5) One year of a course that includes intensive
25    instruction in computer literacy, which may be English,
26    social studies, or any other subject and which may be

 

 

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1    counted toward the fulfillment of other graduation
2    requirements.
3        (4) Two years of laboratory science.
4        (5) Two years of social studies, of which at least one
5    year must be history of the United States or a combination
6    of history of the United States and American government
7    and at least one semester must be civics, which shall help
8    young people acquire and learn to use the skills,
9    knowledge, and attitudes that will prepare them to be
10    competent and responsible citizens throughout their lives.
11    Civics course content shall focus on government
12    institutions, the discussion of current and controversial
13    issues, service learning, and simulations of the
14    democratic process. School districts may utilize private
15    funding available for the purposes of offering civics
16    education. One semester, or part of one semester, may
17    include a financial literacy course.
18        (5.5) Beginning with pupils entering the 9th grade in
19    the 2027-2028 school year, one semester or the equivalent
20    of a stand-alone course on personal finance education to
21    be taken in grade 11 or 12, which may be counted toward the
22    fulfillment of other graduation requirements as determined
23    by the State Board of Education.
24        (6) One year chosen from (A) music, (B) art, (C)
25    foreign language, which shall be deemed to include
26    American Sign Language, (D) vocational education, or (E)

 

 

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1    forensic speech (speech and debate). A forensic speech
2    course used to satisfy the course requirement under
3    subdivision (1) may not be used to satisfy the course
4    requirement under this subdivision (6).
5    (e-10) Beginning with the 2028-2029 school year, as a
6prerequisite to receiving a high school diploma, each pupil
7entering the 9th grade must, in addition to other course
8requirements, successfully complete 2 years of foreign
9language courses, which may include American Sign Language. A
10pupil may choose a third year of foreign language to satisfy
11the requirement under subdivision (6) of subsection (e-5).
12    (f) The State Board of Education shall develop and inform
13school districts of standards for writing-intensive
14coursework.
15    (f-5) If a school district offers an Advanced Placement
16computer science course to high school students, then the
17school board must designate that course as equivalent to a
18high school mathematics course and must denote on the
19student's transcript that the Advanced Placement computer
20science course qualifies as a mathematics-based, quantitative
21course for students in accordance with subdivision (3) of
22subsection (e) of this Section.
23    (g) Public Act 83-1082 does not apply to pupils entering
24the 9th grade in 1983-1984 school year and prior school years
25or to students with disabilities whose course of study is
26determined by an individualized education program.

 

 

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1    Public Act 94-676 does not apply to pupils entering the
29th grade in the 2004-2005 school year or a prior school year
3or to students with disabilities whose course of study is
4determined by an individualized education program.
5    Subdivision (3.5) of subsection (e) does not apply to
6pupils entering the 9th grade in the 2021-2022 school year or a
7prior school year or to students with disabilities whose
8course of study is determined by an individualized education
9program.
10    Subsection (e-5) does not apply to pupils entering the 9th
11grade in the 2023-2024 school year or a prior school year or to
12students with disabilities whose course of study is determined
13by an individualized education program. Subsection (e-10) does
14not apply to pupils entering the 9th grade in the 2027-2028
15school year or a prior school year or to students with
16disabilities whose course of study is determined by an
17individualized education program.
18    (h) The provisions of this Section are subject to the
19provisions of Section 27-22.05 of this Code and the
20Postsecondary and Workforce Readiness Act.
21    (i) The State Board of Education may adopt rules to modify
22the requirements of this Section for any students enrolled in
23grades 9 through 12 if the Governor has declared a disaster due
24to a public health emergency pursuant to Section 7 of the
25Illinois Emergency Management Agency Act.
26(Source: P.A. 102-366, eff. 8-13-21; 102-551, eff. 1-1-22;

 

 

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1102-864, eff. 5-13-22; 103-154, eff. 6-30-23.)
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.

 

 

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1 INDEX
2 Statutes amended in order of appearance
3    105 ILCS 5/27-12.1from Ch. 122, par. 27-12.1
4    105 ILCS 5/27-22from Ch. 122, par. 27-22