Illinois law prescribes a notice for loan cosigners and limits the actions you may take regarding a cosigner in the event of a default or delinquency by the primary obligor. The Consumer Fraud and Deceptive Business Practices Act requires notification of a cosigner by first class mail of any delinquency or default by the primary obligor on a loan, and the notice provides that the co-signer has fifteen days from the date that the notice was sent to pay the amount due or make arrangements for payment. You may not report adverse information or provide information to a consumer reporting agency or take any collection action regarding the cosigner until the fifteen day period has passed, and you may not report any adverse information if the cosigner does pay within the fifteen day period. 815 ILCS 505/2S.