(110 ILCS 983/30) Sec. 30. Refinancing. Before offering a person a private education loan that is
being used to refinance an existing education loan, a private
educational lender shall provide the person with a disclosure
explaining that the benefits and protections applicable to the
existing loan may be lost due to the refinancing. The
disclosure must be provided on a one-page information sheet
in at least 12-point type and must be written in simple,
clear, understandable, and easily readable language.
(Source: P.A. 103-748, eff. 8-2-24.) |