97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5437

 

Introduced 2/15/2012, by Rep. Pam Roth

 

SYNOPSIS AS INTRODUCED:
 
215 ILCS 155/24.6 new

    Amends the Title Insurance Act. Provides that a corporation authorized to do business under the Act shall notify, in writing, the mortgagor and the third-party involved in a mortgage assumption transaction that when the mortgage is being assumed by the third-party and the third-party fails to pay the mortgage, the mortgagor may be responsible for the mortgage. Effective January 1, 2013.


LRB097 15152 RPM 60252 b

 

 

A BILL FOR

 

HB5437LRB097 15152 RPM 60252 b

1    AN ACT concerning insurance.
 
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 adding
5Section 24.6 as follows:
 
6    (215 ILCS 155/24.6 new)
7    Sec. 24.6. Third-party mortgage assumption transaction. A
8corporation authorized to do business under this Act shall
9notify, in writing, the mortgagor and the third-party involved
10in a mortgage assumption transaction that when the mortgage is
11being assumed by the third-party and the third-party fails to
12pay the mortgage, the mortgagor may be responsible for the
13mortgage.
 
14    Section 99. Effective date. This Act takes effect January
151, 2013.