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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB0065 Introduced 1/11/2017, by Sen. Michael E. Hastings SYNOPSIS AS INTRODUCED:
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Amends the Title Insurance Act. Provides that in a transaction for the sale and purchase of residential real property, all title insurance policies for that transaction shall be issued through the same policy issuing entity, except as otherwise agreed by the seller and buyer. Effective January 1, 2018.
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| | A BILL FOR |
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| | SB0065 | | LRB100 00053 RPS 10054 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Title Insurance Act is amended by adding |
| 5 | | Section 8.5 as follows:
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| 6 | | (215 ILCS 155/8.5 new) |
| 7 | | Sec. 8.5. Multiple title insurance policies in a single |
| 8 | | transaction. In a transaction for the sale and purchase of |
| 9 | | residential real property, as defined in this Act, all title |
| 10 | | insurance policies for that transaction shall be issued through |
| 11 | | the same policy issuing entity, except as otherwise agreed by |
| 12 | | the seller and buyer.
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| 13 | | Section 99. Effective date. This Act takes effect January |
| 14 | | 1, 2018.
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