Illinois § 5-75
Full text of Illinois Illinois Compiled Statutes § 5-75, with citation guidance and answers to common questions.
§ 5-75.
Cosigner and borrower rights. (a) A servicer shall provide a cosigner with access to all documents or records related to the cosigned private education loan that are available to the borrower. (b) If a servicer provides electronic access to documents and records for a borrower, it shall provide equivalent electronic access to the cosigner. (c) Upon a borrower's request, the servicer shall redact the borrower's contact information from documents and records provided to a cosigner. (d) A servicer may not include in a private education loan executed on or after the effective date of this amendatory Act of the 103rd General Assembly a provision that permits the servicer to accelerate payments, in whole or in part, except upon a payment default. A servicer may not place any loan or account into default or accelerate a loan for any reason other than payment default. (e) A private education loan executed before the effective date of this amendatory Act of the 103rd General Assembly may permit the servicer to accelerate payments only if the promissory note or loan agreement explicitly authorizes an acceleration and only for the reasons stated in the note or agreement. (Source: P.A. 103-748, eff. 8-2-24.)
Frequently Asked Questions About Illinois § 5-75
What does Illinois Compiled Statutes § 5-75 cover?
Section 5-75 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 § 5-75?
A common citation format is "Illinois Compiled Statutes § 5-75" (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 § 5-75 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.