Sec. 5-80. Bankruptcy or death of cosigner.
96 words·~1 min read·
/il/chapter-110/act-992/5-80A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-80. Bankruptcy or death of cosigner.
(a)If a cosigner dies, the servicer may not attempt to collect against the cosigner's estate other than for payment default.
(b)With regard to the death or bankruptcy of a cosigner, if a private education loan is not more than 60 days delinquent at the time the servicer is notified of the cosigner's death or bankruptcy, the servicer may not change any terms or benefits under the promissory note, the repayment schedule, the repayment terms, or the monthly payment amount or any other provision associated with the loan.