Illinois § 5-10
Full text of Illinois Illinois Compiled Statutes § 5-10, with citation guidance and answers to common questions.
§ 5-10.
Payment processing. (a) A servicer shall credit borrower and cosigner payments promptly and accurately. (b) A servicer shall provide borrowers and cosigners with prompt notice if the servicer changes the address to which the borrower or cosigner needs to send payments. (c) A servicer shall not charge a penalty to a borrower or cosigner if a student loan payment is received at an address used for payments for a period of 90 days after the change in address. (d) A servicer shall not misrepresent the delinquent amount of the loan on any call with a borrower or cosigner. (e) A servicer shall allow a borrower or cosigner to specify instructions as to how an overpayment should be applied to the balance of the loan as consistent with the promissory note. (Source: P.A. 100-540, eff. 12-31-18.)
Frequently Asked Questions About Illinois § 5-10
What does Illinois Compiled Statutes § 5-10 cover?
Section 5-10 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 5-10?
A common citation format is "Illinois Compiled Statutes § 5-10" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 5-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.