CHICAGO – With Republican Governor Bruce Rauner’s recent veto of a measure to ensure transparency and protect Illinoisans with student loan debt, a co-sponsor of the bill, state Rep. Theresa Mah, D-Chicago, is calling on all members of the General Assembly to override Rauner’s veto.
“The governor has sent a clear message with his outright veto of this measure,” said Mah. “He has shown that his priority lies with putting the interests of multi-million dollar corporations over hard working people who only want to make situations better for themselves and their families.”
Rep. Mah is a co-sponsor of Senate Bill 1351, a measure that would create the Student Loan Servicing Rights Act. Under this act, a Student Loan Bill of Rights would be established, providing framework for lenders like prohibiting loan servicers from engaging in deceptive business policies like misrepresenting and omitting options that may save a loan borrower money on repayment. These omissions and misrepresentations have led to thousands of registered complaints to the Attorney General.
“The deceptive practices that we are seeing performed by loan servicers are not only unfair, but they pad the bottom line of companies that put profits over people,” said Mah. “Students deserve to be able to earn their education with the assurance that shady corporations can’t take advantage of their financial situations.”
Senate Bill 1351 is expected to be heard in the upcoming Veto Session of the Illinois General Assembly. States such as California and Connecticut have enacted similar consumer protections in response to similar complaints of unfair practices by loan servicers.
Mah represents the 2nd Legislative District, which includes Pilsen, Chinatown, Bridgeport and neighboring communities. For more information please contact Rep. Mah’s district office at 872-281-5775 or firstname.lastname@example.org.