HB3131 Summary

• Creates the Equity through Financial Literacy Task Force to develop recommendations for increasing financial education availability in Illinois academic institutions, with focus on reducing economic disparities caused by disparate access to financial education.

• Task Force composition includes 15 members appointed by the Governor, legislative leaders, and state officials, including young adults, educators, financial professionals, and representatives from community organizations and state agencies.

• Requires at least one-third of Task Force members to reside outside the Chicago metropolitan area; young adult and college student members receive stipends while other members serve without compensation.

• Task Force must hold first meeting within 60 days and meet at least 4 times total, with the Office of the Governor providing administrative support.

• Task Force shall submit report to General Assembly and Governor by December 31, 2021, containing policy and curriculum recommendations to increase financial capacity of Illinois high school and postsecondary students, particularly those vulnerable to predatory practices; Act repeals January 1, 2023.