HB2001 Engrossed

LRB094 02831 NHT 32832 b






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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 State Finance Act is amended  by adding 
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Section 5.640 as follows:
 
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    (30 ILCS 105/5.640  new)
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    Sec. 5.640. The Financial Literacy Fund.
 
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    Section 10. The School Code is amended  by adding Section 
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27-12.5 as follows:
 
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    (105 ILCS 5/27-12.5  new)
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    Sec. 27-12.5. Financial literacy instruction.
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    (a)  The State Board of Education shall develop and adopt 
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curricula, materials, and guidelines for school boards to use 
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in implementing a program of instruction on financial literacy 
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within courses currently offered in public high schools in this 
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State.
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    (b)  The financial literacy program shall include, but not 
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be limited to, instruction in all of the following areas:
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        (1)    Opening a deposit account and assessing the quality 
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    of a depository institution's services.
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        (2)    Balancing a check book.
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        (3)    Spending, credit, credit scoring, and managing 
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    debt, including retail and credit card debt.
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        (4)    Completing a loan application.
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        (5)    The implications of an inheritance.
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        (6)    The basic principles of personal insurance 
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    policies.
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        (7)    Computing State and federal income taxes.
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        (8)    Local tax assessments.
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        (9)    Computing interest rates by various mechanisms.
 


 






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        (10)    Understanding simple contracts.
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        (11)    Contesting an incorrect billing statement.
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        (12)    Savings and investing.
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        (13)    State and federal laws concerning finance.
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    (c)  The Financial Literacy Fund is created as a special 
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fund in the State treasury.  State funds and private 
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contributions for the promotion of financial literacy shall be 
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deposited into the Financial Literacy Fund.  All money in the 
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Financial Literacy Fund shall be used, subject to 
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appropriation, by the State Board of Education to award grants 
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to school districts for the following:
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        (1)    Defraying the costs of financial literacy training 
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    for teachers.
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        (2)    Rewarding a school or teacher who wins or achieves 
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    results at a certain level of success in a financial 
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    literacy competition.
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        (3)    Rewarding a student who wins or achieves results at 
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    a certain level of success in a financial literacy 
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    competition.
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        (4)    Funding activities, including books, games, field 
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    trips, computers, and other activities, related to 
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    financial literacy education.
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    In awarding grants, every effort must be made to ensure 
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that all geographic areas of the State are represented.
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    (d)  A school board may establish a special fund in which to 
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receive public funds and private contributions for the 
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promotion of financial literacy.  Money in the fund shall be 
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used for the following:
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        (1)    Defraying the costs of financial literacy training 
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    for teachers.
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        (2)    Rewarding a school or teacher who wins or achieves 
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    results at a certain level of success in a financial 
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    literacy competition.
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        (3)    Rewarding a student who wins or achieves results at 
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    a certain level of success in a financial literacy 
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    competition.
 


 






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        (4)    Funding activities, including books, games, field 
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    trips, computers, and other activities, related to 
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    financial literacy education.
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    (e)  The State Board of Education shall incorporate the 
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elements of the financial literacy program into Illinois 
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learning standards.
 

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