Illinois HB4754 amends the Know Before You Owe Private Education Loan Act to require private educational lenders to report annually on private.
HB4754 amends the Know Before You Owe Private Education Loan Act to require private educational lenders to submit an annual report to the Department of Financial and Professional Regulation and the Student Loan Ombudsman. The report must include the total number and dollar amount of private education loans made annually, the number and dollar amount of loans made with a cosigner, and the default rates for the previous reporting period. Private educational lenders that fund 10 or fewer new private education loans in a calendar year are exempt from submitting the annual report.
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