110 ILCS 992/5-20

110 ILCS 992/5-20
in effect
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(110 ILCS 992/5-20) Sec. 5-20. Billing statements. (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. (Source: P.A. 100-540, eff. 12-31-18.)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026