Chapter 110 — HIGHER EDUCATION

(110 ILCS 991/5) Sec. 5. Findings and purpose. The General Assembly finds that it is vital for the State to combat the college-debt crisis and increase access to post-secondary education for all residents of this State. The purpose of this Act is to assist qualified residents to …

(110 ILCS 991/50) Sec. 50. Investment policy. The State Treasurer shall develop, publish, and implement one or more investment policies covering the investment of moneys in accordance with this Act. (Source: P.A. 101-586, eff. 8-26-19.)

(110 ILCS 991/55) Sec. 55. Student Investment Account Administrative Fund. The Student Investment Account Administrative Fund is created as a non-appropriated separate and apart trust fund in the State Treasury. Moneys in the Student Investment Account Administrative Fund may be …

(110 ILCS 991/60) Sec. 60. Student Investment Account Loss Reserve Fund. The Student Investment Account Loss Reserve Fund may be created as a non-appropriated separate and apart trust fund in the State Treasury. Moneys in the Student Investment Account Loss Reserve Fund may be us…

(110 ILCS 991/65) Sec. 65. Student Investment Account Assistance Fund. The Student Investment Account Assistance Fund may be created as a non-appropriated separate and apart trust fund in the State Treasury. Moneys in the Student Investment Account Assistance Fund may be used by …

(110 ILCS 991/70) Sec. 70. Rules. The State Treasurer may adopt rules he or she deems necessary or desirable to implement and administer this Act. (Source: P.A. 101-586, eff. 8-26-19.)

(110 ILCS 991/900) Sec. 900. (Amendatory provisions; text omitted). (Source: P.A. 101-586, eff. 8-26-19; text omitted.)

(110 ILCS 991/905) Sec. 905. (Amendatory provisions; text omitted). (Source: P.A. 101-586, eff. 8-26-19; text omitted.)

(110 ILCS 991/999) Sec. 999. Effective date. This Act takes effect upon becoming law. (Source: P.A. 101-586, eff. 8-26-19.)

(110 ILCS 992/1-1) Sec. 1-1. Short title. This Act may be cited as the Student Loan Servicing Rights Act. (Source: P.A. 100-540, eff. 12-31-18.)

(110 ILCS 992/1-5) Sec. 1-5. Definitions. As used in this Act: "Applicant" means a person applying for a license pursuant to this Act. "Borrower" or "student loan borrower" means a person who has received or agreed to pay a student loan for his or her own educational expenses. "C…

(110 ILCS 992/10-5) Sec. 10-5. Student Loan Ombudsman. (a) The position of Student Loan Ombudsman is created within the Office of the Attorney General to provide timely assistance to student loan borrowers. (b) The Student Loan Ombudsman, in consultation with the Secretary, shall…

(110 ILCS 992/15-10) Sec. 15-10. Licensee name. No person, partnership, association, corporation, limited liability company, or other entity engaged in the business regulated by this Act shall operate such business under a name other than the real names of the entity and individu…

(110 ILCS 992/15-15) Sec. 15-15. Application process; investigation; fees. (a) The Secretary shall issue a license upon completion of all of the following: (1) the filing of an application for license with the Secretary or the Nationwide Multistate Licensing System and Registry a…

(110 ILCS 992/15-20) Sec. 15-20. Application form. (a) Application for a student loan servicer license must be made in accordance with Section 15-40 and, if applicable, in accordance with requirements of the Nationwide Multistate Licensing System and Registry. The application sha…

(110 ILCS 992/15-25) Sec. 15-25. Student loan servicer license application and issuance. (a) Applicants for a license shall apply in a form prescribed by the Secretary. Each form shall contain content as set forth by rule, regulation, instruction, or procedure of the Secretary an…

(110 ILCS 992/15-30) Sec. 15-30. Averments of licensee. Each application for license shall be accompanied by the following averments stating that the applicant: (1) will file with the Secretary or Nationwide Multistate Licensing System and Registry, as applicable, when due, any r…

(110 ILCS 992/15-35) Sec. 15-35. Refusal to issue license. The Secretary shall refuse to issue or renew a license if: (1) it is determined that the applicant is not in compliance with any provisions of this Act; (2) there is substantial continuity between the applicant and any vi…

(110 ILCS 992/15-40) Sec. 15-40. License issuance and renewal; fees. (a) Licenses shall be renewed every year using the common renewal date of the Nationwide Multistate Licensing System and Registry, as adopted by the Secretary. Properly completed renewal application forms and fi…

(110 ILCS 992/15-5) Sec. 15-5. Scope; requirement for student loan servicing license. (a) It shall be unlawful for any person to operate as a student loan servicer in Illinois except as authorized by this Act and without first having obtained a license in accordance with this Act…

(110 ILCS 992/20-10) Sec. 20-10. Bank and Trust Company Fund. All moneys received by the Secretary under this Act in conjunction with the provisions relating to student loan servicers shall be paid into and all expenses incurred by the Secretary under this Act in conjunction with…

(110 ILCS 992/20-15) Sec. 20-15. Examination; prohibited activities. (a) The business affairs of a licensee under this Act shall be examined for compliance with this Act as often as the Secretary deems necessary and proper. The Secretary may adopt rules with respect to the freque…

(110 ILCS 992/20-20) Sec. 20-20. Subpoena power of the Secretary. (a) The Secretary shall have the power to issue and to serve subpoenas and subpoenas duces tecum to compel the attendance of witnesses and the production of all books, accounts, records, and other documents and mat…

(110 ILCS 992/20-25) Sec. 20-25. Report required of licensee. In addition to any reports required under this Act, every licensee shall file any other report the Secretary requests. (Source: P.A. 100-540, eff. 12-31-18.)

(110 ILCS 992/20-30) Sec. 20-30. Suspension; revocation of licenses; fines. (a) Upon written notice to a licensee, the Secretary may suspend or revoke any license issued pursuant to this Act if, in the notice, he or she makes a finding of one or more of the following: (1) that th…

(110 ILCS 992/20-35) Sec. 20-35. Investigation of complaints. The Secretary shall at all times maintain staff and facilities adequate to receive, record, and investigate complaints and inquiries made by any person concerning this Act and any licensees under this Act. Each license…

(110 ILCS 992/20-40) Sec. 20-40. Additional investigation and examination authority. In addition to any authority allowed under this Act, the Secretary shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license r…

(110 ILCS 992/20-45) Sec. 20-45. Confidential information. In hearings conducted under this Act, information presented into evidence that was acquired by the licensee when serving any individual in connection with a student loan, including all financial information of the individ…

(110 ILCS 992/20-5) Sec. 20-5. Functions; powers; duties. The functions, powers, and duties of the Secretary shall include the following: (1) to issue or refuse to issue any license as provided by this Act; (2) to revoke or suspend for cause any license issued under this Act; (3)…

(110 ILCS 992/20-50) Sec. 20-50. Confidentiality. (a) In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing, except as otherwise provided in federal Public Law 110-289, Section 1512, the requirements under any federal l…

(110 ILCS 992/20-55) Sec. 20-55. Reports of violations. Any person licensed under this Act or any other person may report to the Secretary any information to show that a person subject to this Act is or may be in violation of this Act. A licensee who files a report with the Depar…

(110 ILCS 992/20-60) Sec. 20-60. Rules and regulations of the Secretary. (a) In addition to such powers as may be prescribed by this Act, the Secretary is hereby authorized and empowered to adopt rules consistent with the purposes of this Act, including, but not limited to: (1) r…

(110 ILCS 992/20-65) Sec. 20-65. Appeal and review. (a) Any person or entity affected by a decision of the Secretary under any provision of this Act may obtain review of that decision within the Department. (b) The Secretary may, in accordance with the Illinois Administrative Pro…

(110 ILCS 992/20-70) Sec. 20-70. Violations of this Act; Secretary's orders. If the Secretary finds, as the result of examination, investigation, or review of reports submitted by a licensee, that the business and affairs of a licensee are not being conducted in accordance with t…

(110 ILCS 992/20-75) Sec. 20-75. Collection of compensation. Unless exempt from licensure under this Act, no person engaged in or offering to engage in any act or service for which a license under this Act is required may bring or maintain any action in any court of this State to…

(110 ILCS 992/20-80) Sec. 20-80. Licensure fees. (a) The fees for licensure shall be a $1,000 application fee and an additional $800 fee for investigation performed in conjunction with Section 15-5. The fees are nonrefundable. (b) The fee for an application renewal shall be $1,00…

(110 ILCS 992/20-85) Sec. 20-85. Injunction. The Secretary, through the Attorney General, may maintain an action in the name of the people of the State of Illinois and may apply for an injunction in the circuit court to enjoin a person from engaging in unlicensed student loan ser…

(110 ILCS 992/25-5) Sec. 25-5. Enforcement; Consumer Fraud and Deceptive Business Practices Act. The Attorney General may enforce a violation of Article 5 or 7 of this Act as an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. (Source: P.A. 104-383…

(110 ILCS 992/5-10) Sec. 5-10. Payment processing. (a) A servicer shall credit borrower and cosigner payments promptly and accurately. (b) A servicer shall provide borrowers and cosigners with prompt notice if the servicer changes the address to which the borrower or cosigner nee…

(110 ILCS 992/5-15) Sec. 5-15. Fees. (a) Unless otherwise provided by federal law, a servicer may only charge late fees that are reasonable and proportional to the cost it incurs related to a late payment. (b) Unless otherwise provided by federal law, a servicer shall not charge …

(110 ILCS 992/5-20) Sec. 5-20. Billing statements. (a) In any student loan billing statement, a servicer shall not misrepresent the: (1) fees assessed; (2) total amount due for each loan; (3) payment due date; (4) date to avoid late fees; (5) accrued interest during the billing c…

(110 ILCS 992/5-25) Sec. 5-25. Payment histories. A servicer shall provide a written payment history to a borrower or cosigner upon request at no cost within 21 calendar days of receiving the request. (Source: P.A. 100-540, eff. 12-31-18.)

(110 ILCS 992/5-30) Sec. 5-30. Specialized assistance for student loan borrowers. (a) A servicer shall specially designate servicing and collections personnel deemed repayment specialists who have received enhanced training related to repayment options. (b) A servicer shall refra…

(110 ILCS 992/5-35) Sec. 5-35. Disclosures related to discharge and cancellation. If a servicer is aware that a student loan borrower attended a school the United States Department of Education has made findings supporting a defense to repayment claim or closed school discharge, …

(110 ILCS 992/5-40) Sec. 5-40. Income-driven repayment plan certifications. A servicer shall disclose the date that a borrower's income-driven payment plan certification will expire and the consequences to the borrower for failing to recertify by the date, including the new repay…

(110 ILCS 992/5-45) Sec. 5-45. Information to be provided to private education loan borrowers. (a) A servicer shall provide on its website a description of any alternative repayment plan offered by the servicer for private education loans. (b) A servicer shall establish policies …

(110 ILCS 992/5-5) Sec. 5-5. General provisions. (a) A servicer shall not engage in any unfair or deceptive practice toward any borrower or cosigner or misrepresent or omit any material information in connection with the servicing of a student loan, including, but not limited to,…

(110 ILCS 992/5-50) Sec. 5-50. Cosigner release. (a) For private student loans, a servicer shall provide information on its website concerning the availability and criteria for a cosigner release. (b) For any private education loan that obligates a cosigner, a servicer shall prov…

(110 ILCS 992/5-55) Sec. 5-55. Payoff statements. A servicer shall indicate on its website that a borrower may request a payoff statement. A servicer shall provide the payoff statement within 10 days, including information the requester needs to pay off the loan. If a payoff is m…

(110 ILCS 992/5-60) Sec. 5-60. Requirements related to the transfer of servicing. (a) When acting as the transferor servicer, a servicer shall provide to each borrower subject to the transfer a written notice not less than 15 calendar days before the effective date of the transfe…