Bill > SB3106

This bill amends the Know Before You Owe Private Education Loan Act to require private educational lenders to provide more detailed information in their annual reports to the Department of Financial and Professional Regulation and the Student Loan Ombudsman. Specifically, lenders must now report the total number and dollar amount of private education loans made annually, both overall and at individual institutions of higher education, as well as the number and dollar amount of loans made with a cosigner. The bill also mandates reporting the default rate for these loans based on the previous reporting period, defining "default amount" as the outstanding loan balance at the time of default and "default rate" as the ratio of the default amount to the total outstanding loan amount at the beginning of the reporting period. These changes aim to provide a clearer picture of the private student loan market and borrower repayment behavior.

Education

https://www.ilga.gov/Legislation/BillStatus?DocNum=3106&GAID=18&DocTypeID=SB&SessionID=114&GA=104