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Financial Services Law Insights and Observations

Illinois law prevents disciplinary actions against professional licenses for student loan defaults

State Issues Student Lending State Attorney General

State Issues

On August 14, the Illinois governor signed into law the “Illinois Career Preservation and Student Loan Repayment Act,” Public Act 100-0872, which amends various Illinois laws with the purpose of preventing state government agencies or boards from denying, refusing to renew, suspending, revoking, or initiating another disciplinary action upon a state professional license for a person’s failure to perform on a state guaranteed student loan or grant. The act is effective immediately.