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Veto Session Update

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Illinois may be on the path to requiring student loan lenders to inform their customers all of their rights as borrowers, after the Illinois Senate voted to override a veto of such a policy by Gov. Bruce Rauner.

The senate voted 37 to 19 on Thursday in favor to support the bill, titled “The Student Loan Bill of Rights,” which would add a number of provisions that require lenders to tell student loan recipients all of their repayment options, including ways to lower payments and forgiveness options due to a disability or other issues. Among the supporters are Attorney General Lisa Madigan (D) and gubernatorial hopeful Senator Daniel Biss (D).

Local senators Andy Manar (D) and William McCann (R) both voted for the override, with McCann reversing on his previous no vote back when the bill was passed over the summer.

Now in order to become law, the bill must be passed in the Illinois house with at least 71 votes for the measure.

The general assembly meets again for the conclusion of the annual fall veto session on Tuesday Nov. 7 until Nov. 9.

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Veto Session Update