Illinois General Assembly - Illinois Compiled Statutes

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110 ILCS 983/25

(110 ILCS 983/25)
Sec. 25. 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 becomes delinquent, including how the cosigner can cure the delinquency in order to avoid negative credit furnishing and the loss of cosigner release eligibility; and

(3) eligibility for release of the cosigner's

obligation on the private education loan, including the number of on-time payments and any other criteria required to approve the release of the cosigner from the loan obligation.

(Source: P.A. 103-748, eff. 8-2-24.)