Illinois SB 1537: STUDENT LOAN SERVICING RIGHTS

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SB1537 EnrolledLRB104 08584 JDS 18636 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 Student Loan Servicing Rights Act is 

5amended by changing Sections 1-5 and 25-5 and by adding 

6Article 7 as follows:

7 (110 ILCS 992/1-5)

8 Sec. 1-5. Definitions. As used in this Act:

9 "Applicant" means a person applying for a license pursuant 

10to this Act.

11 "Borrower" or "student loan borrower" means a person who 

12has received or agreed to pay a student loan for his or her own 

13educational expenses.

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

15obligation of another without compensation, regardless of how 

16the individual is designated in the contract or instrument 

17with respect to that obligation, including an obligation under 

18a private education loan extended to consolidate a borrower's 

19preexisting student loans. The term includes any individual 

20whose signature is requested, as a condition, to grant credit 

21or to forbear on collection. The term does not include a spouse 

22of an individual if the spouse's signature is needed solely to 

23perfect the security interest in a loan.

SB1537 Enrolled- 2 -LRB104 08584 JDS 18636 b

1 "Department" means the Department of Financial and 

2Professional Regulation.

3 "Division of Banking" means the Division of Banking of the 

4Department of Financial and Professional Regulation.

5 "Federal loan borrower eligible for referral to a 

6repayment specialist" means a borrower who posse