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Code · Illinois · Chapter 110 — HIGHER EDUCATION · Act 992

Sec. 5-20. Billing statements.

89 words·~1 min read·/il/chapter-110/act-992/5-20

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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 cycle;
(6)default payment methodology;
(7)means to provide instructions for a payment; or
(8)procedure regarding escalated requests for assistance.
(b)A servicer shall not misrepresent information regarding the $0 bill and advancement of the due date on any billing statement that reflects $0 owed.
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