Sen. Michael E. Hastings

Filed: 4/20/2018

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 65

2    AMENDMENT NO. ______. Amend Senate Bill 65, AS AMENDED, by
3replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Title Insurance Act is amended by changing
6Section 18.1 as follows:
 
7    (215 ILCS 155/18.1)
8    Sec. 18.1. Choice of title insurance company.
9    (a) It is declared to be the public policy of this State
10that, except as limited by subsection (b), parties to a
11contract for the sale of residential real property who are
12obligated to provide and pay for products and services
13enumerated in Section 19 title insurance have the right to
14choose the title insurance company, and title insurance agent,
15or independent escrowee that will provide such products and
16services title insurance. No lender or producer of title

 

 

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1business, as the term is defined in this Act, shall, as a
2condition of making a loan, providing services of any kind,
3including, but not limited to, services as a broker, agent,
4lender, attorney, or otherwise, require a party to a contract
5for the sale of residential real property who is obligated by
6that contract to furnish and pay for products and services
7enumerated in Section 19 title insurance at their expense, to
8procure such products and services title insurance from a title
9insurance company, or title insurance agent, or independent
10escrowee other than a title insurance company, or title
11insurance agent, or independent escrowee that is chosen by the
12party paying for the title insurance.
13    (b) This subsection (b) applies exclusively to counties in
14Illinois having populations not less than 500,000. In a
15transaction for the sale and purchase of residential real
16property, as defined in this Act, the title insurance company
17issuing the owner's title insurance policy shall issue the
18lender's title insurance policy for that transaction if such a
19policy is required by the lender, unless:
20        (1) the buyer and seller agree otherwise; or
21        (2) the buyer or seller is offered a discount of fees
22    as an inducement to split the title insurance policies,
23    unless, prior to the closing of the transaction, the title
24    insurance company chosen to issue the owner's policy agrees
25    to offer the same discount of fees.
26    As used in this Section, "fees" includes those fees for

 

 

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1products and services enumerated in Section 19.
2(Source: P.A. 95-570, eff. 8-31-07.)".