SPRINGFIELD, Ill. – Legislation aimed at protecting Illinois students from predatory lenders is now law, after efforts by co-sponsor state Rep. Sue Scherer, D-Decatur, to pass the legislation despite a veto by Governor Bruce Rauner.
“I’m thrilled that there were members on both sides of the aisle who saw past the partisanship to help turn a good bill into law,” Scherer said. “Now we’ve got better protections in place for anyone that needs a student loan to go to college in Illinois. This will help keep our young people from getting duped by loan companies into having to pay these unfair debts for the rest of their lives.”
Scherer was a co-sponsor of Senate Bill 1351, which in addition to establishing a Student Loan Bill of Rights, also created a Student Loan Ombudsman within the Office of the Attorney General to assist students with the loan servicing process. The legislation also gives the Attorney General the ability enforce provisions on student loan providers to prevent them from using deceptive business practices against those seeking loans for college. Finally, all student loan vendors are to have a license issued by the Department of Financial and Professional Regulation in order to conduct business in Illinois.
“This is something that I’ve been advocating for the longest time,” Scherer said. “To have finally crossed the finish line on this issue, I feel very relieved to have these protections in place for all current and future college students.”
Scherer represents the 96th District, which includes portions of Christian, Macon and Sangamon counties.