(110 ILCS 992/5-75) Sec. 5-75. Cosigner and borrower rights. (a) A servicer shall provide a cosigner with access to all documents or records related to the cosigned private education loan that are available to the borrower. (b) If a servicer provides electronic access to documents and records for a borrower, it shall provide equivalent electronic access to the cosigner. (c) Upon a borrower's request, the servicer shall redact the borrower's contact information from documents and records provided to a cosigner. (d) A servicer may not include in a private education loan executed on or after the effective date of this amendatory Act of the 103rd General Assembly a provision that permits the servicer to accelerate payments, in whole or in part, except upon a payment default. A servicer may not place any loan or account into default or accelerate a loan for any reason other than payment default. (e) A private education loan executed before the effective date of this amendatory Act of the 103rd General Assembly may permit the servicer to accelerate payments only if the promissory note or loan agreement explicitly authorizes an acceleration and only for the reasons stated in the note or agreement.
(Source: P.A. 103-748, eff. 8-2-24.) |