SPRINGFIELD, Ill. – A measure cosponsored by state Rep. Camille Lilly, D-Chicago, to protect students from predatory lending will now become law following the successful, bipartisan override of Gov. Bruce Rauner’s veto of the proposal.
“Many young people do not have the financial resources available to attend college without taking out student loans,” Lilly said. “Access to an affordable education is something that everyone deserves, regardless of their income.”
The Lilly-backed Senate Bill 1351 creates the “Student Loan Bill of Rights,” which prohibits lenders from practicing unfair or deceptive business tactics and streamlines the repayment process. The legislation also authorizes the Office of the Attorney General to hire a student loan watchdog and requires licensing of all student loan lenders by the Department of Financial and Professional Regulation.
“This new law will ensure that student loan companies are no longer able to take advantage of students,” Lilly said. “We should be doing everything possible to encourage students to pursue their education. By holding student loan companies accountable, we can provide students with necessary protections they deserve.”
Lilly represents the 78th District, which includes parts of Chicago, Oak Park, Elmwood Park, River Grove, Franklin Park and Melrose Park.
Visit Rep Lilly’s website
270-S Stratton Office Building
Springfield, IL 62706
(217) 558-1054 FAX
6937 W. North Ave.,
Oak Park, IL 60302