Illinois Compiled Statutes 110 ILCS 992/5-20 – Billing statements
Current as of: 2024 | Check for updates
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(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
(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.
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(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.