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Illinois Student Loan Servicing Rights Act Amended to Exclude Attorneys

On July 27, Gov. Bruce Rauner approved an amendment to Illinois’ Student Loan Servicing Rights Act.  The legislation, HB 4397, passed unanimously in both chambers and becomes effective Dec. 31, 2018.

The legislation amends the definition of “student loan servicer” in the Student Loan Servicing Rights Act by excluding “a law firm or licensed attorney that is collecting post-default debt.”  The Act already excluded licensed collection agencies collecting on post-default debt.

The Student Loan Servicing Rights Act, which becomes effective on the same date, requires licensing of student loan servicers and includes a “Student Loan Bill of Rights” that imposes various restrictions and requirements intended to prevent unfair or deceptive practices or misrepresentations of material information.  That legislation passed via an override of Gov. Rauner’s veto.

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Eric Rosenkoetter is based in Maurice Wutscher’s Austin office. For many years, he has focused his practice on various aspects of financial services law. As a litigation attorney, he has conducted every aspect of the litigation process, including countless depositions, motion proceedings, bench and jury trials, and appeals in various courts. In addition, he has significant experience as a compliance and transactional attorney, providing strategic, business growth, legislative, compliance and regulatory advice to national corporations and trade associations. For example, he has drafted consumer contracts and disclosures designed to state-specific statutory requirements, and developed “Best Practices” guides and state-by-state compliance grids, for national financial services companies. He also conducted research and crafted a metrics report for a national trade association with analysis designed to counter the claims of advocacy groups. Eric’s experience also includes working for a national corporation as Executive Counsel, Chief Compliance and Ethics Officer, and Director of Legislative Affairs, and as a federal lobbyist and Director of Government and Public Affairs for a national financial services trade association. In the government sector, Eric presided over approximately 6,000 state administrative hearings, served as a staff attorney for the Missouri Senate, and handled litigation in 33 counties as a regional managing attorney. Eric frequently speaks to audiences on topics relevant to the financial services industry and related advocacy initiatives.

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