Illinois HB 4754: ABLE ACCT PROG-ASSET PROTECT

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 Full Text of HB4754

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HB4754 EnrolledLRB104 17949 LNS 31386 b

1 AN ACT concerning education.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Know Before You Owe Private Education Loan 

5Act is amended by changing Sections 5 and 10 as follows:

6 (110 ILCS 983/5)

7 Sec. 5. Definitions. As used in this Act:

8 "Annual percentage rate" means the percentage rate 

9calculated according to the Federal Reserve Board's 

10methodology as set forth under Regulation Z, 12 CFR Part 1026.

11 "Cosigner" means any individual who is liable for the 

12obligation of another without compensation, regardless of how 

13the individual is designated in the contract or instrument 

14with respect to that obligation, including an obligation under 

15a private education loan extended to consolidate a borrower's 

16preexisting student loans. The term includes any individual 

17whose signature is requested, as a condition, to grant credit 

18or to forbear on collection. The term does not include a spouse 

19of an individual if the spouse's signature is needed solely to 

20perfect the security interest in a loan. 

21 "Default amount" means the loan amount of each outstanding 

22loan at the time the loan is declared in default.

23 "Default rate" means the default amount required to be 

HB4754 Enrolled- 2 -LRB104 17949 LNS 31386 b

1reported during a reporting period divided by the loan amount 

2of all outstanding loans required to be reported at the 

3beginning of the reporting period. 

4 "Educational expense" means any expense, in whole or in 

5part, expressly used to finance postsecondary education, 

6regardless of whe