Illinois House Overrides Governor Veto of Bill of Rights For Those Taking Out Student Loans
The Illinois House has voted to override Gov. Bruce Rauner's veto of a measure creating a bill of rights for those taking out student loans.
The legislation was drafted by Democratic Attorney General Lisa Madigan after she handled thousands of complaints that prompted her investigation into abusive practices by Navient. It's one of the nation's largest loan-servicing companies.
The House voted 98-16 to override the veto. The measure becomes law.
It prohibits loan companies from misleading borrowers and requires that they properly process payments and work with struggling borrowers. They must inform borrowers of all repayment options and possible loan-forgiveness plans.
The bill is SB1351