Sec. 30. Cancellation of contract; refund.

243 words·~1 min read·/il/chapter-815/act-616/30

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A consumer may cancel a contract with an educational planning service provider at any time before the educational planning service provider has fully performed each service the educational planning service provider contracted to perform or represented it would perform.

(b)If a consumer cancels a contract with an educational planning service provider, then the educational planning service provider shall refund all fees and compensation, with the exception of any earned fees for services provided.

(c)At any time upon a material violation of this Act on the part of the educational planning service provider, the educational planning service provider shall refund all fees and compensation to the consumer.

(d)An educational planning service provider shall make any refund required under this Act within 5 business days after the notice of cancellation or voiding of the contract due to a violation of this Act and shall include with the refund a full statement of account showing fees received and fees refunded.

(e)Upon cancellation or voiding of the contract, all direct debit authorizations granted to the educational planning service provider by the consumer shall be considered revoked and voided.

(f)Upon the termination of the contract for any reason, the educational planning service provider shall provide a timely and accurate response to any postsecondary institution, agency, or other entity that contacts the provider in reference to the consumer, indicating that the provider no longer represents the consumer.