110 ILCS 983/1
Short title
Short title. This Act may be cited as the Know Before You Owe Private Education Loan Act. (Source: P.A. 102-583, eff. 8-26-21.)
Illinois Compiled Statutes 110 ILCS 983 — Know Before You Owe Private Education Loan Act.
Illinois · statute · 110 ILCS 983 · 7 active provisions
110 ILCS 983/5
Definitions
Definitions. As used in this Act: "Annual percentage rate" means the percentage rate calculated according to the Federal Reserve Board's methodology as set forth under Regulation Z, 12 CFR Part 1026. "Cosigner" means any individual who is liable for the obligation of another without compensation, regardless of how the…
110 ILCS 983/10
Institutional certification required
Institutional certification required. (a) In general. Except as provided in subsection (b) of this Section, before a private educational lender may disburse any funds with respect to a private education loan described in this Act, the private educational lender shall obtain from the relevant institution of higher educa…
110 ILCS 983/15
Provision of information
Provision of information. (a) Provision of loan statement to borrowers and cosigners. (1) Loan statement. A private educational lender that disburses any funds with respect to a private education loan described in this Section shall send loan statements to the borrowers and cosigners of those funds not less than once e…
110 ILCS 983/25
Cosigner disclosure; notice
Cosigner disclosure; notice. Before extending a private education loan that requires a cosigner, a private educational lender shall disclose to the cosigner: (1) how the private education loan obligation will appear on the cosigner's credit report; (2) how the cosigner will be notified if the private education loan bec…
110 ILCS 983/30
Refinancing
Refinancing. Before offering a person a private education loan that is being used to refinance an existing education loan, a private educational lender shall provide the person with a disclosure explaining that the benefits and protections applicable to the existing loan may be lost due to the refinancing. The disclosu…
110 ILCS 983/99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 102-583, eff. 8-26-21.)