CHICAGO – As Gov. Bruce Rauner continues an unprecedented rollback in aid for college students, state Rep. John D’Amico, D-Chicago, voted on Tuesday to override the governor’s veto of legislation to protect students and their families from predatory lenders.
“Corporate loan sharks often maximize confusion in the loan market,” said D’Amico. “These big corporations are padding their bottom lines using the hard-earned savings of students and their families.”
D’Amico backed Senate Bill 1351, which creates a Student Loan Bill of Rights by prohibiting loan servicers from engaging in deceptive business practices, such as misrepresenting and omitting options that may save a loan borrower money upon repayment. The legislation also increases oversight of student loan vendors by requiring a license from the state. Rauner’s veto of Senate Bill 1351 was overridden with bipartisan support from legislators in both chambers and is now in law.
“Students should be allowed to focus on their studies rather than having their dreams shattered by predatory lenders,” D’Amico continued. “My student loan bill of rights creates a ‘rules of the road’ for loan providers in order to better defend families from deceptive attacks.”