Full Text of SB3608 96th General Assembly
SB3608enr 96TH GENERAL ASSEMBLY
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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 | 5 |
| 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. | 8 |
| (a) Pupils Subject to the provisions of
subsection (b) of | 9 |
| this Section, pupils in the public schools in
grades 9 through | 10 |
| 12 shall be taught and be required to study courses
which | 11 |
| include instruction in the area of consumer education, | 12 |
| including
but not necessarily limited to (i) understanding the | 13 |
| basic concepts of financial literacy, including installment | 14 |
| purchasing (including credit scoring, managing credit debt, | 15 |
| and completing a loan application), budgeting, savings and | 16 |
| investing, banking (including balancing a checkbook, opening a | 17 |
| deposit account, and the use of interest rates), understanding | 18 |
| simple contracts, State and federal income taxes, personal | 19 |
| insurance policies, the
comparison of prices, and | 20 |
| homeownership (including the basic process of obtaining a | 21 |
| mortgage and the concepts of fixed and adjustable rate | 22 |
| mortgages, subprime loans, and predatory lending), and (ii)
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| understanding the roles of consumers
interacting with |
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| agriculture, business, labor unions and government in
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| formulating and achieving the goals of the mixed free | 3 |
| enterprise system.
The State Board of Education shall devise or | 4 |
| approve the
consumer education curriculum for grades 9 through | 5 |
| 12 and specify the
minimum amount of instruction to be devoted | 6 |
| thereto.
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| (b) (Blank). Prior to the commencement of the 1986-1987 | 8 |
| school year and prior to
the commencement of each school year | 9 |
| thereafter, the State Board of
Education shall devise, develop | 10 |
| and furnish to each school district within the
State a uniform | 11 |
| Annual Consumer Education Proficiency Test to be
administered | 12 |
| by each school district to those pupils of the district in
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| grades 9 through 12 who elect to take the same, provided that | 14 |
| no pupil shall
be permitted to take the test more than once in | 15 |
| any school year. Each year
the State Board of Education shall | 16 |
| by rule prescribe the date or dates
during the school year on | 17 |
| which school districts shall administer the test
devised and | 18 |
| developed for that school year, together with the uniform
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| standards which all districts shall apply in scoring that test. | 20 |
| The test shall
be devised and developed by the State Board of | 21 |
| Education each year in a
standardized manner to allow any pupil | 22 |
| who takes the same and who achieves
a score thereon which is | 23 |
| not less than the minimum score established by the
State Board | 24 |
| of Education for the test so taken to thereby demonstrate
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| sufficient proficiency in the area of consumer education as | 26 |
| shall excuse
such pupil from the necessity of receiving, as a |
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| prerequisite to graduation
from high school and receipt of a | 2 |
| high school diploma, the minimum amount
of instruction in a | 3 |
| consumer education curriculum otherwise required by
subsection | 4 |
| (a) and the rules
or regulations promulgated thereunder. For | 5 |
| purposes of this subsection,
"proficiency" is defined to mean | 6 |
| that a pupil is competent in and has a
well advanced knowledge | 7 |
| of consumer education so that study of the course
of | 8 |
| instruction required by this Section would not be substantially
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| educationally beneficial as determined by the State Board of | 10 |
| Education when
developing the uniform standards and minimum | 11 |
| score requirements of this
Section.
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| (c) The Financial Literacy Fund is created as a special | 13 |
| fund in the State treasury. State funds and private | 14 |
| contributions for the promotion of financial literacy shall be | 15 |
| deposited into the Financial Literacy Fund. All money in the | 16 |
| Financial Literacy Fund shall be used, subject to | 17 |
| appropriation, by the State Board of Education to award grants | 18 |
| to school districts for the following: | 19 |
| (1) Defraying the costs of financial literacy training | 20 |
| for teachers. | 21 |
| (2) Rewarding a school or teacher who wins or achieves | 22 |
| results at a certain level of success in a financial | 23 |
| literacy competition. | 24 |
| (3) Rewarding a student who wins or achieves results at | 25 |
| a certain level of success in a financial literacy | 26 |
| competition. |
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| (4) Funding activities, including books, games, field | 2 |
| trips, computers, and other activities, related to | 3 |
| financial literacy education. | 4 |
| In awarding grants, every effort must be made to ensure | 5 |
| that all geographic areas of the State are represented. | 6 |
| (d) A school board may establish a special fund in which to | 7 |
| receive public funds and private contributions for the | 8 |
| promotion of financial literacy. Money in the fund shall be | 9 |
| used for the following: | 10 |
| (1) Defraying the costs of financial literacy training | 11 |
| for teachers. | 12 |
| (2) Rewarding a school or teacher who wins or achieves | 13 |
| results at a certain level of success in a financial | 14 |
| literacy competition. | 15 |
| (3) Rewarding a student who wins or achieves results at | 16 |
| a certain level of success in a financial literacy | 17 |
| competition. | 18 |
| (4) Funding activities, including books, games, field | 19 |
| trips, computers, and other activities, related to | 20 |
| financial literacy education. | 21 |
| (e) The State Board of Education, upon the next | 22 |
| comprehensive review of the Illinois Learning Standards, is | 23 |
| urged to include the basic principles of personal insurance | 24 |
| policies and understanding simple contracts. | 25 |
| (Source: P.A. 94-929, eff. 6-26-06; 95-863, eff. 1-1-09.)
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| Section 99. Effective date. This Act takes effect July 1, |
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| 2010.
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