SB2191 94TH GENERAL ASSEMBLY

LRB094 13921 NHT 48802 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2191

Introduced 1/11/2006, by Sen. Jacqueline Y. Collins

SYNOPSIS AS INTRODUCED:

30 ILCS 105/5.663 new
105 ILCS 5/27-12.5 new

Amends the School Code and the State Finance Act. Requires the State Board of Education to develop and adopt curricula, materials, and guidelines for school boards to use in implementing a program of instruction on financial literacy within courses currently offered in public high schools in this State. Lists subject areas that the program must include. Creates the Financial Literacy Fund as a special fund in the State treasury. Provides that all money in the fund shall be used by the State Board to award grants to school districts for certain financial literacy purposes. Allows a school board to establish a special fund, with moneys to be used for certain financial literacy purposes. Requires the State Board to incorporate the elements of the program into Illinois learning standards. Effective immediately.

FISCAL NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

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 adding Section 27-12.5 as follows:

(105 ILCS 5/27-12.5 new)

Sec. 27-12.5. Financial literacy instruction.

(a) The State Board of Education shall develop and adopt curricula, materials, and guidelines for school boards to use in implementing a program of instruction on financial literacy within courses currently offered in public high schools in this State.

(b) The financial literacy program shall include, but not be limited to, instruction in all of the following areas:

(1) Opening a deposit account and assessing the quality of a depository institution's services.

(2) Balancing a check book.

(3) Spending, credit, credit scoring, and managing debt, including retail and credit card debt.

(4) Completing a loan application.

(5) The implications of an inheritance.

(6) The basic principles of personal insurance policies.

(7) Computing State and federal income taxes.

(8) Local tax assessments.

(9) Computing interest rates by various mechanisms.

(10) Understanding simple contracts.

(11) Contesting an incorrect billing statement.

(12) Savings and investing.

(13) State and federal laws concerning finance.

(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 shall incorporate the elements of the financial literacy program into Illinois learning standards.

Section 99. Effective date. This Act takes effect upon becoming law.