SB0065 EnrolledLRB100 00053 RPS 10054 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Title Insurance Act is amended by changing
5Section 18.1 as follows:
 
6    (215 ILCS 155/18.1)
7    Sec. 18.1. Choice of title insurance company.
8    (a) It is declared to be the public policy of this State
9that, except as limited by subsection (b), parties to a
10contract for the sale of residential real property who are
11obligated to provide and pay for products and services
12enumerated in Section 19 title insurance have the right to
13choose the title insurance company, and title insurance agent,
14or independent escrowee that will provide such products and
15services title insurance. No lender or producer of title
16business, as the term is defined in this Act, shall, as a
17condition of making a loan, providing services of any kind,
18including, but not limited to, services as a broker, agent,
19lender, attorney, or otherwise, require a party to a contract
20for the sale of residential real property who is obligated by
21that contract to furnish and pay for products and services
22enumerated in Section 19 title insurance at their expense, to
23procure such products and services title insurance from a title

 

 

SB0065 Enrolled- 2 -LRB100 00053 RPS 10054 b

1insurance company, or title insurance agent, or independent
2escrowee other than a title insurance company, or title
3insurance agent, or independent escrowee that is chosen by the
4party paying for the products and services enumerated in
5Section 19 title insurance.
6    (b) This subsection (b) applies exclusively to counties in
7Illinois having populations not less than 500,000. In a
8transaction for the sale and purchase of residential real
9property, as defined in this Act, the title insurance company
10issuing the owner's title insurance policy shall issue the
11lender's title insurance policy for that transaction if such a
12policy is required by the lender, unless:
13        (1) the buyer and seller agree otherwise; or
14        (2) the buyer or seller is offered a discount of fees
15    as an inducement to split the title insurance policies,
16    unless, prior to the closing of the transaction, the title
17    insurance company chosen to issue the owner's policy agrees
18    to offer the same discount of fees.
19    As used in this Section, "fees" includes those fees for
20products and services enumerated in Section 19.
21(Source: P.A. 95-570, eff. 8-31-07.)