Moylan: We Must Stop Big Banks From Ripping Off Students

SPRINGFIELD, Ill. – State Rep. Marty Moylan, D-Des Plaines, recently voted to override Gov. Bruce Rauner’s veto of legislation that would protect students against predatory lenders by creating a Student Loan Bill of Rights.

“I am sick and tired of middle-class families being taken advantage of by predatory loan companies, including our students who are simply trying to further their education,” Moylan said. “Governor Rauner had the opportunity to protect our local students, but instead he chose to protect the profits of wealthy out-of-state banks.”

Moylan sponsored Senate Bill 1351, which in addition to establishing a Student Loan Bill of Rights, also creates a Student Loan Ombudsman within the Office of the Attorney General to assist students with any questions about the loan servicing process. The legislation also allows the Attorney General to enforce provisions that prohibit student loan servicers from engaging in unfair business practices. Finally, the legislation requires that all student loan vendors be licensed by the Department of Financial and Professional Regulation. Rauner’s veto of this legislation jeopardized these protections for students.

“It’s time we start putting middle-class families first and it starts by making sure our children are not getting ripped off by the big banks,” Moylan said. “I am ready to work with all sides to ensure we give our college students better financial protections.”