|Financial Literacy Education Bills Signed by Governor and/or Passed by the House and Senate
Signed by the governor 7/14/10, Public Act 96-1061 amends the School Code. Removes a provision requiring a consumer education proficiency test to be administered that allows a pupil to be excused from the requirement that he or she have consumer education instruction.
A 2008 amendment to the Code adds homeownership, including the basic process of obtaining a mortgage and the concepts of fixed and adjustable rate mortgages, subprime loans, and predatory lending, as part of the financial literacy component of consumer education.
A signed 2006 amendment to the School Code and the State Finance Act adds a section requiring consumer education to be taught, provides that the instruction must include an understanding of the basic concepts of financial literacy, including installment purchasing, budgeting, savings and investing, banking, understanding simple contracts, state and federal income taxes, personal insurance policies, and the comparison of prices. 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 of Education 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. Urges the State Board, upon the next comprehensive review of the Illinois Learning Standards, to include the basic principles of personal insurance policies and understanding simple contracts. Financial literacy also addressed in 05 ILCS 5/27-12.1. Consumer education
Sec. 27-12.1. Consumer education, which states: (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 installment purchasing, budgeting, comparison of prices and 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. (c) 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.