SCH CD-FINANCIAL LITERACY Senate SponsorsSen. Jacqueline Y. Collins, Antonio Munoz-Kwame Raoul, Deanna Demuzio-Iris Y. Martinez, James F. Clayborne, Jr., Mattie Hunter and James T. Meeks House Sponsors(Rep. Karen A. Yarbrough-Monique D. Davis-Calvin L. Giles-Marlow H. Colvin-Arthur L. Turner, Cynthia Soto, John A. Fritchey and David E. Miller) 6/26/2006SenatePublic Act . . . . . . . . . 94-0929 30 ILCS 105/5.663 new105 ILCS 5/27-12.5 newAmends 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.Senate Floor Amendment No. 2 Deletes reference to:105 ILCS 5/27-12.5 newAdds reference to:105 ILCS 5/27-12.1from Ch. 122, par. 27-12.1Deletes everything after the enacting clause. Amends the School Code and the State Finance Act. In 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 (now, the instruction must include installment purchasing, budgeting, 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. Effective immediately. 1/11/2006SenateFiled with Secretary by Sen. Jacqueline Y. Collins 1/11/2006SenateFirst Reading 1/11/2006SenateReferred to Rules 1/12/2006SenateAssigned to Education 1/31/2006SenateAdded as Co-Sponsor Sen. Antonio Munoz 2/1/2006SenateDo Pass Education; 008-003-000 2/1/2006SenatePlaced on Calendar Order of 2nd Reading February 2, 2006 2/7/2006SenateSecond Reading 2/7/2006SenatePlaced on Calendar Order of 3rd Reading February 8, 2006 2/21/2006SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins 2/21/2006SenateSenate Floor Amendment No. 1 Referred to Rules 2/22/2006SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Jacqueline Y. Collins 2/22/2006SenateSenate Floor Amendment No. 2 Referred to Rules 2/23/2006SenateSenate Floor Amendment No. 2 Rules Refers to Education 2/24/2006SenateSenate Floor Amendment No. 2 Recommend Do Adopt Education; 009-000-000 2/24/2006SenateRecalled to Second Reading 2/24/2006SenateSenate Floor Amendment No. 2 Adopted; Collins 2/24/2006SenatePlaced on Calendar Order of 3rd Reading February 27, 2006 2/27/2006SenateAdded as Chief Co-Sponsor Sen. Kwame Raoul 2/27/2006SenateAdded as Co-Sponsor Sen. Deanna Demuzio 2/27/2006SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez 2/27/2006SenateThird Reading - Passed; 050-000-000 2/27/2006SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a) 2/27/2006HouseArrived in House 2/27/2006HousePlaced on Calendar Order of First Reading 2/28/2006SenateAdded as Co-Sponsor Sen. James F. Clayborne, Jr. 2/28/2006HouseChief House Sponsor Rep. Karen A. Yarbrough 2/28/2006HouseFirst Reading 2/28/2006HouseReferred to Rules Committee 3/8/2006HouseAssigned to Elementary & Secondary Education Committee 3/15/2006HouseDo Pass / Standard Debate Elementary & Secondary Education Committee; 011-010-000 3/15/2006HousePlaced on Calendar 2nd Reading - Standard Debate 3/15/2006HouseAdded Alternate Chief Co-Sponsor Rep. Monique D. Davis 3/24/2006HouseSecond Reading - Standard Debate 3/24/2006HousePlaced on Calendar Order of 3rd Reading - Standard Debate 3/29/2006HouseAdded Alternate Chief Co-Sponsor Rep. Calvin L. Giles 3/29/2006HouseAdded Alternate Chief Co-Sponsor Rep. Marlow H. Colvin 3/29/2006HouseAdded Alternate Chief Co-Sponsor Rep. Arthur L. Turner 3/29/2006HouseCalendar Order of 3rd Reading - Standard Debate 3/29/2006HouseMotion Filed - Move to Previous Question Rep. Calvin L. Giles 3/29/2006HouseMotion Prevailed 062-051-000 3/29/2006HouseAdded Alternate Co-Sponsor Rep. Cynthia Soto 3/29/2006HouseAdded Alternate Co-Sponsor Rep. John A. Fritchey 3/29/2006HouseAdded Alternate Co-Sponsor Rep. David E. Miller 3/29/2006HouseThird Reading - Standard Debate - Passed 063-051-000 3/29/2006SenatePassed Both Houses 4/5/2006SenateAdded as Co-Sponsor Sen. Mattie Hunter 4/6/2006SenateAdded as Co-Sponsor Sen. James T. Meeks 4/27/2006SenateSent to the Governor 6/26/2006SenateGovernor Approved 6/26/2006SenateEffective Date June 26, 2006 6/26/2006SenatePublic Act . . . . . . . . . 94-0929