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Illinois Student Loan Bill of Rights Becomes Law

Yesterday, the Illinois House of Representatives voted 98-16 to override Governor Bruce Rauner's veto of the Illinois Student Loan Bill of Rights. The IL student loan bill provides for the licensing of student loan servicers and imposes numerous, detailed requirements concerning the servicing of student loans. Among other things, the bill sets forth certain information that must be provided to borrowers, some of which must be provided through a trained repayment specialist. Non-exempt servicers have until December, 2018 to become compliant. Illinois is the 4th jurisdiction to create such a law, following Connecticut, California and the District of Columbia. More ›

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