Bill Amendment: IL SB1556 | 2021-2022 | 102nd General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: FINANCIAL LITERACY TASK FORCE

Status: 2021-07-16 - Senate Floor Amendment No. 2 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB1556 Detail]

Download: Illinois-2021-SB1556-Senate_Amendment_001.html

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Sen. Celina Villanueva

Filed: 4/9/2021

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AMENDMENT TO SENATE BILL 1556
AMENDMENT NO. ______. Amend Senate Bill 1556 by replacing
everything after the enacting clause with the following:
"Section 1. Short title. This Act may be cited as the
Financial Literacy Task Force Act.
Section 5. Financial Literacy Task Force.
(a) The Financial Literacy Task Force is established to
study and identify best practices for increasing the financial
capacity of young adults in Illinois and develop
recommendations for increasing the availability, uptake, and
positive outcomes of financial education in this State's
postsecondary academic institutions.
(b) The Task Force shall consist of the following members:
(1) one Representative appointed by the Speaker of the
House of Representatives;
(2) one Representative appointed by the Minority

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Leader of the House of Representatives;
(3) one Senator appointed by the President of the
Senate;
(4) one Senator appointed by the Minority Leader of
the Senate;
(5) the State Treasurer or his or her designee;
(6) the Executive Director of the Illinois Student
Assistance Commission or his or her designee;
(7) the State Superintendent of Education or his or
her designee;
(8) the Executive Director of the Board of Higher
Education or his or her designee; and
(9) the Executive Director of the Community College
Board or his or her designee.
(c) The Task Force shall also consist of the following
members appointed by the Executive Director of the Illinois
Student Assistance Commission:
(1) one first generation college student enrolled at a
public university in this State;
(2) one first year college student enrolled at a
public university in this State;
(3) one employed adult under the age of 34;
(4) one representative of an association representing
a statewide banking association exclusively representing
banks with assets below $20,000,000,000;
(5) one representative of an association representing

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credit unions;
(6) one representative of a nonprofit community
organization that serves young adults;
(7) one representative of a financial education
nonprofit community organization;
(8) one accountant;
(9) two professors at different public universities in
this State who teach financial capacity; and
(10) one representative of a human resource management
organization.
(d) Members appointed to the Commission must reflect the
racial, ethnic, religious, and geographic diversity of this
State.
(e) The Governor's Office shall appoint a member of the
House of Representatives whose staff shall provide
administrative support for the Task Force. The appointed
member may delegate administrative responsibilities to a
community organization. The Task Force shall hold its first
meeting within 6 months after the effective date of this Act
and shall meet at least 4 times during the duration of the Task
Force. The Task Force shall select from among its members a
chairperson.
(f) Members of the Task Force shall serve without
compensation.
Section 10. Report.

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(a) On or before December 31, 2022, the Task Force shall
submit a report to the Governor and General Assembly regarding
financial literacy education in postsecondary academic
institutions.
(b) The report shall include recommendations aimed at
reducing economic disparities among socioeconomic groups
caused by disparate access to financial education and may
include strategies to ensure that young adults who graduate
from a public postsecondary school in this State can:
(1) demonstrate competence in managing their finances;
(2) identify and avoid fraud, predatory financial
practices, and identify theft;
(3) navigate the terminology associated with
on-boarding documents, including, but not limited to, tax
documents, life insurance policies, health insurance
plans, and retirement plan options;
(4) understand the lending process and the importance
of strong credit;
(5) understand the basics of investing in the stock
market; and
(6) display an awareness of the cost and benefits of
credit and compounding interest.
(c) The report shall also include recommended policies,
programs, funding, and data points required to assess and
increase the financial capacity of young adults in
postsecondary schools in Illinois, particularly those who come

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from communities targeted by predatory financial practices.
Section 15. Repeal. This Act is repealed January 1, 2024.
Section 99. Effective date. This Act takes effect upon
becoming law.".