(a) In any student loan billing statement, a servicer shall not misrepresent the: (1) fees assessed; (2) total amount due for each loan; (3) payment due date; (4) date to avoid late fees; (5) accrued interest during the billing cycle; (6) default payment methodology; (7) means to provide instructions for a payment; or (8) procedure regarding escalated requests for assistance. (b) A servicer shall not misrepresent information regarding the $0 bill and advancement of the due date on any billing statement that reflects $0 owed.
110 ILCS 992/5-20
Billing statements
P.A. 100-540, eff. 12-31-18.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.