Illinois § 7-90 Receipts; statements of account; evidence of payment

Illinois Statutes

§ 7-90 — Receipts; statements of account; evidence of payment

Illinois·Topic EDUCATION·Ch. 110 HIGHER EDUCATION·Act 110 ILCS 992/ Student Loan Servicing Rights Act.·Art. Article 7 - Educational Income Share Agreements

(a)The EISA provider shall deliver or mail to the consumer, without request, a written receipt for each payment made pursuant to an EISA. A periodic statement showing a payment received by mail complies with this subsection (a).

(b)An EISA provider shall provide a written payment history to a borrower upon request at no cost within 21 calendar days of receiving the request.

(c)An EISA provider shall indicate on its website that a borrower may request a payoff statement. An EISA provider shall provide the payoff statement within 10 days, including information the requester needs to pay off the loan. If a payoff is made, the EISA provider must send a paid-in-full notice within 30 days.

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(a) The EISA provider shall deliver or mail to the consumer, without request, a written receipt for each payment made pursuant to an EISA. A periodic statement showing a payment received by mail complies with this subsection (a). (b) An EISA provider shall provide a written payment history to a borrower upon request at no cost within 21 calendar days of receiving the request. (c) An EISA provider shall indicate on its website that a borrower may request a payoff statement. An EISA provider shall provide the payoff statement within 10 days, including information the requester needs to pay off the loan. If a payoff is made, the EISA provider must send a paid-in-full notice within 30 days.

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