Bill Text: IL HB4658 | 2023-2024 | 103rd General Assembly | Introduced

---

Bill Title: Amends the Courses of Study Article of the School Code. Instead of requiring consumer education to be taught and studied, provides that, beginning with pupils entering the 9th grade in the 2027-2028 school year, pupils in the public schools in grade 11 or 12 shall be taught and be required to complete a stand-alone, one-semester or equivalent course covering personal finance. Sets forth what topics must be included. Provides that the State Board of Education shall devise or approve the personal finance education standards for the course. Provides that the school board shall oversee implementation of the course for each high school student prior to graduation. Provides that the State Board of Education shall establish a Financial Literacy Implementation Committee no later than June 30, 2024 to make recommendations to the State Superintendent of Education concerning the implementation of the course for each high school student prior to graduation. Sets forth provisions concerning Committee members, meetings, and support. Provides that the State Board of Education shall present regular and timely reports to the Committee regarding the implementation of the course. Requires a pupil to successfully complete a course on personal finance education as a prerequisite to receiving a high school diploma (rather than allowing a financial literacy course to be included as part of the social studies requirement). Makes other changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB4658 Detail]

Download: Illinois-2023-HB4658-Introduced.html

---

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4658 Introduced , by Rep. Curtis J. Tarver, II SYNOPSIS AS INTRODUCED:
See Index
Amends the Courses of Study Article of the School Code. Instead of requiring consumer education to be taught and studied, provides that, beginning with pupils entering the 9th grade in the 2027-2028 school year, pupils in the public schools in grade 11 or 12 shall be taught and be required to complete a stand-alone, one-semester or equivalent course covering personal finance. Sets forth what topics must be included. Provides that the State Board of Education shall devise or approve the personal finance education standards for the course. Provides that the school board shall oversee implementation of the course for each high school student prior to graduation. Provides that the State Board of Education shall establish a Financial Literacy Implementation Committee no later than June 30, 2024 to make recommendations to the State Superintendent of Education concerning the implementation of the course for each high school student prior to graduation. Sets forth provisions concerning Committee members, meetings, and support. Provides that the State Board of Education shall present regular and timely reports to the Committee regarding the implementation of the course. Requires a pupil to successfully complete a course on personal finance education as a prerequisite to receiving a high school diploma (rather than allowing a financial literacy course to be included as part of the social studies requirement). Makes other changes. Effective immediately.
LRB103 38241 RJT 68376 b
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
A BILL FOR
HB4658 LRB103 38241 RJT 68376 b
AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Purpose. The General Assembly has determined
that it is in the best interests of the State and the State's
citizens that all high school students be required to take a
one semester course in personal finance prior to graduation.
Research has shown that such a course is significantly more
effective if taught as a separate course in the 11th or 12th
grade rather than embedded in another course or taught at an
earlier time. Similarly, research has shown that before the
course can be implemented, there must be time to develop
curriculum and provide incentives for professional development
for teachers of the course.
Section 5. The School Code is amended by changing Sections
27-12.1 and 27-22 as follows:
(105 ILCS 5/27-12.1) (from Ch. 122, par. 27-12.1)
Sec. 27-12.1. Personal finance Consumer education.
(a) For pupils entering the 9th grade before the 2027-2028
school year, pupils 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,

HB4658 - 2 - LRB103 38241 RJT 68376 b
including but not necessarily limited to (i) understanding the
basic concepts of financial literacy, including consumer debt
and installment purchasing (including credit scoring, managing
credit debt, and completing a loan application), budgeting,
savings and investing, banking (including balancing a
checkbook, opening a deposit account, and the use of interest
rates), understanding simple contracts, State and federal
income taxes, personal insurance policies, the comparison of
prices, higher education student loans, identity-theft
security, and homeownership (including the basic process of
obtaining a mortgage and the concepts of fixed and adjustable
rate mortgages, subprime loans, and predatory lending), and
(ii) understanding 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.
(a-5) Beginning with pupils entering the 9th grade in the
2027-2028 school year, pupils in the public schools in grade
11 or 12 shall be taught and be required to complete a
stand-alone, one-semester or equivalent course covering
personal finance, which shall include, but is not limited to,
instruction covering behavioral economics; banking and bill
payment; investing; types of credit; managing credit,

HB4658 - 3 - LRB103 38241 RJT 68376 b
including credit scores; paying for college; insurance; taxes;
budgeting; consumer skills; retirement planning, including
tax-advantaged retirement plans; home ownership and financing;
and personal transportation, including car ownership and
leasing. The State Board of Education shall devise or approve
the personal finance education standards for the course,
taking into account any recommendations from the Financial
Literacy Implementation Committee established under subsection
(f). The State Board of Education may review and update these
curriculum standards every 5 years. The State Board of
Education may adopt or adapt national standards for personal
finance education in implementing the curriculum standards.
A school board shall oversee implementation of the
personal finance course for each high school student prior to
graduation.
The State Board of Education shall develop implementation
guidelines and timelines to assist schools in implementing
this course, taking into account any recommendations from the
Financial Literacy Implementation Committee established under
subsection (f).
(b) (Blank).
(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

HB4658 - 4 - LRB103 38241 RJT 68376 b
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

HB4658 - 5 - LRB103 38241 RJT 68376 b
competition.
(4) Funding activities, including books, games, field
trips, computers, and other activities, related to
financial literacy education.
(e) The State Board of Education, upon the next
comprehensive review of the Illinois Learning Standards, is
urged to include the instruction listed in subsection (a-5),
basic principles of personal insurance policies, and
understanding simple contracts.
(f) The State Board of Education shall establish a
Financial Literacy Implementation Committee no later than June
30, 2024 to make recommendations to the State Superintendent
of Education concerning the implementation of subsection (a-5)
of this Section.
The Committee shall include all of the following members:
(1) The State Superintendent of Education or the State
Superintendent's designee, who shall serve ex officio and
as chairperson of the Committee.
(2) The Director of K-12 Curriculum and Instruction at
the State Board of Education or the Director's designee.
(3) One member appointed by the State Treasurer.
(4) Two members representing organized labor,
appointed by the Governor with the advice and consent of
the Senate.
(5) Two members representing school districts,
appointed by the Governor with the advice and consent of

HB4658 - 6 - LRB103 38241 RJT 68376 b
the Senate.
(6) Two members representing other relevant
stakeholders and selected to ensure that the diversity of
this State is represented, appointed by the Governor with
the advice and consent of the Senate.
Members of the Committee shall serve until July 1, 2027,
at which time the State Board of Education shall dissolve the
Committee, and shall serve without compensation.
The Committee shall hold its first meeting no later than
90 days following the establishment of the Committee and shall
meet quarterly thereafter. At each quarterly meeting, the
State Superintendent of Education shall make a report to the
Committee. All meetings of the Committee shall be open to the
public.
The State Board of Education shall present regular and
timely reports to the Committee regarding the implementation
of subsection (a-5) of this Section, including, but not
limited to, information on curriculum development, stakeholder
engagement, systems operations, and resources allocated. The
State Board of Education shall gather stakeholder input in
preparing the reports for the Committee.
The State Board of Education shall provide administrative
support to the Committee.
The provisions of this subsection (f), other than this
sentence, are inoperative after July 1, 2027.
(Source: P.A. 99-284, eff. 8-5-15.)

HB4658 - 7 - LRB103 38241 RJT 68376 b
(105 ILCS 5/27-22) (from Ch. 122, par. 27-22)
Sec. 27-22. Required high school courses.
(a) (Blank).
(b) (Blank).
(c) (Blank).
(d) (Blank).
(e) Through the 2023-2024 school year, as a prerequisite
to receiving a high school diploma, each pupil entering the
9th grade must, in addition to other course requirements,
successfully complete all of the following courses:
(1) Four years of language arts.
(2) Two years of writing intensive courses, one of
which must be English and the other of which may be English
or any other subject. When applicable, writing-intensive
courses may be counted towards the fulfillment of other
graduation requirements.
(3) Three years of mathematics, one of which must be
Algebra I, one of which must include geometry content, and
one of which may be an Advanced Placement computer science
course. A mathematics course that includes geometry
content may be offered as an integrated, applied,
interdisciplinary, or career and technical education
course that prepares a student for a career readiness
path.
(3.5) For pupils entering the 9th grade in the

HB4658 - 8 - LRB103 38241 RJT 68376 b
2022-2023 school year and 2023-2024 school year, one year
of a course that includes intensive instruction in
computer literacy, which may be English, social studies,
or any other subject and which may be counted toward the
fulfillment of other graduation requirements.
(4) Two years of science.
(5) Two years of social studies, of which at least one
year must be history of the United States or a combination
of history of the United States and American government
and, beginning with pupils entering the 9th grade in the
2016-2017 school year and each school year thereafter, at
least one semester must be civics, which shall help young
people acquire and learn to use the skills, knowledge, and
attitudes that will prepare them to be competent and
responsible citizens throughout their lives. Civics course
content shall focus on government institutions, the
discussion of current and controversial issues, service
learning, and simulations of the democratic process.
School districts may utilize private funding available for
the purposes of offering civics education. Beginning with
pupils entering the 9th grade in the 2021-2022 school
year, one semester, or part of one semester, may include a
financial literacy course.
(6) One year chosen from (A) music, (B) art, (C)
foreign language, which shall be deemed to include
American Sign Language, (D) vocational education, or (E)

HB4658 - 9 - LRB103 38241 RJT 68376 b
forensic speech (speech and debate). A forensic speech
course used to satisfy the course requirement under
subdivision (1) may not be used to satisfy the course
requirement under this subdivision (6).
(e-5) Beginning with the 2024-2025 school year, as a
prerequisite to receiving a high school diploma, each pupil
entering the 9th grade must, in addition to other course
requirements, successfully complete all of the following
courses:
(1) Four years of language arts.
(2) Two years of writing intensive courses, one of
which must be English and the other of which may be English
or any other subject. If applicable, writing-intensive
courses may be counted toward the fulfillment of other
graduation requirements.
(3) Three years of mathematics, one of which must be
Algebra I, one of which must include geometry content, and
one of which may be an Advanced Placement computer science
course. A mathematics course that includes geometry
content may be offered as an integrated, applied,
interdisciplinary, or career and technical education
course that prepares a student for a career readiness
path.
(3.5) One year of a course that includes intensive
instruction in computer literacy, which may be English,
social studies, or any other subject and which may be

HB4658 - 10 - LRB103 38241 RJT 68376 b
counted toward the fulfillment of other graduation
requirements.
(4) Two years of laboratory science.
(5) Two years of social studies, of which at least one
year must be history of the United States or a combination
of history of the United States and American government
and at least one semester must be civics, which shall help
young people acquire and learn to use the skills,
knowledge, and attitudes that will prepare them to be
competent and responsible citizens throughout their lives.
Civics course content shall focus on government
institutions, the discussion of current and controversial
issues, service learning, and simulations of the
democratic process. School districts may utilize private
funding available for the purposes of offering civics
education. One semester, or part of one semester, may
include a financial literacy course.
(5.5) Beginning with pupils entering the 9th grade in
the 2027-2028 school year, one semester or the equivalent
of a stand-alone course on personal finance education to
be taken in grade 11 or 12, which may be counted toward the
fulfillment of other graduation requirements as determined
by the State Board of Education.
(6) One year chosen from (A) music, (B) art, (C)
foreign language, which shall be deemed to include
American Sign Language, (D) vocational education, or (E)

HB4658 - 11 - LRB103 38241 RJT 68376 b
forensic speech (speech and debate). A forensic speech
course used to satisfy the course requirement under
subdivision (1) may not be used to satisfy the course
requirement under this subdivision (6).
(e-10) Beginning with the 2028-2029 school year, as a
prerequisite to receiving a high school diploma, each pupil
entering the 9th grade must, in addition to other course
requirements, successfully complete 2 years of foreign
language courses, which may include American Sign Language. A
pupil may choose a third year of foreign language to satisfy
the requirement under subdivision (6) of subsection (e-5).
(f) The State Board of Education shall develop and inform
school districts of standards for writing-intensive
coursework.
(f-5) If a school district offers an Advanced Placement
computer science course to high school students, then the
school board must designate that course as equivalent to a
high school mathematics course and must denote on the
student's transcript that the Advanced Placement computer
science course qualifies as a mathematics-based, quantitative
course for students in accordance with subdivision (3) of
subsection (e) of this Section.
(g) Public Act 83-1082 does not apply to pupils entering
the 9th grade in 1983-1984 school year and prior school years
or to students with disabilities whose course of study is
determined by an individualized education program.

HB4658 - 12 - LRB103 38241 RJT 68376 b
Public Act 94-676 does not apply to pupils entering the
9th grade in the 2004-2005 school year or a prior school year
or to students with disabilities whose course of study is
determined by an individualized education program.
Subdivision (3.5) of subsection (e) does not apply to
pupils entering the 9th grade in the 2021-2022 school year or a
prior school year or to students with disabilities whose
course of study is determined by an individualized education
program.
Subsection (e-5) does not apply to pupils entering the 9th
grade in the 2023-2024 school year or a prior school year or to
students with disabilities whose course of study is determined
by an individualized education program. Subsection (e-10) does
not apply to pupils entering the 9th grade in the 2027-2028
school year or a prior school year or to students with
disabilities whose course of study is determined by an
individualized education program.
(h) The provisions of this Section are subject to the
provisions of Section 27-22.05 of this Code and the
Postsecondary and Workforce Readiness Act.
(i) The State Board of Education may adopt rules to modify
the requirements of this Section for any students enrolled in
grades 9 through 12 if the Governor has declared a disaster due
to a public health emergency pursuant to Section 7 of the
Illinois Emergency Management Agency Act.
(Source: P.A. 102-366, eff. 8-13-21; 102-551, eff. 1-1-22;

HB4658 - 13 - LRB103 38241 RJT 68376 b
102-864, eff. 5-13-22; 103-154, eff. 6-30-23.)
Section 99. Effective date. This Act takes effect upon
becoming law.
HB4658 - 14 - LRB103 38241 RJT 68376 b
INDEX
Statutes amended in order of appearance