Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT
Section 1010.160 - Account Information, Payment Processing, Cosigner Payments

Universal Citation: 38 IL Admin Code ยง 1010.160

Current through Register Vol. 48, No. 12, March 22, 2024

a) Licensees must maintain detailed account information for each student loan borrower and cosigner, on the licensee's website, accessible to the borrower and cosigner, as applicable, through a secure login system. The licensee must maintain account history for each loan serviced and a report of all loans for each borrower serviced by the licensee.

b) Licensees must credit borrower and cosigner payments promptly and accurately, including, but not limited to, by providing same-day crediting of electronic payments, if made before the posted cut-off time for same-day crediting, and crediting of paper check payments on the date received by the licensee.

c) Licensees must apply payments made by cosigners only to a loan for which the payor has cosigned, unless specifically directed otherwise by the cosigner/payor.

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