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 Bill Status of SB0065  100th General Assembly


Short Description:  TITLE INS-MULTIPLE POLICIES

Senate Sponsors
Sen. Michael E. Hastings

Last Action
DateChamber Action
  8/4/2017SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments

Statutes Amended In Order of Appearance
215 ILCS 155/8.5 new


Synopsis As Introduced
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.

Senate Committee Amendment No. 1
Deletes reference to:
215 ILCS 155/8.5 new
Adds reference to:
215 ILCS 155/18.5 new

Replaces everything after the enacting clause. Amends the Title Insurance Act. Provides the public policy of the State concerning splitting title insurance policies among multiple title insurance companies in a single transaction for the sale and purchase of residential real property. Provides that in a transaction for the sale and purchase of residential real property, the title insurance company issuing the owner's title insurance policy shall issue the lender's insurance policy for that transaction unless the buyer and seller agree otherwise or the buyer or seller is offered a discounted premium or an economic benefit as an inducement to split the title insurance policies. Provides that under certain circumstances, the policies shall be issued by the same title insurance company.

Actions 
DateChamber Action
  1/11/2017SenateFiled with Secretary by Sen. Michael E. Hastings
  1/11/2017SenateFirst Reading
  1/11/2017SenateReferred to Assignments
  1/24/2017SenateAssigned to Judiciary
  2/9/2017SenatePostponed - Judiciary
  3/9/2017SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings
  3/9/2017SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/14/2017SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary
  3/14/2017SenateSenate Committee Amendment No. 1 Adopted
  3/15/2017SenateDo Pass as Amended Judiciary; 007-002-002
  3/15/2017SenatePlaced on Calendar Order of 2nd Reading March 16, 2017
  3/21/2017SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Michael E. Hastings
  3/21/2017SenateSenate Floor Amendment No. 2 Referred to Assignments
  3/28/2017SenateSenate Floor Amendment No. 2 Assignments Refers to Judiciary
  3/29/2017SenateSenate Floor Amendment No. 2 Postponed - Judiciary
  4/6/2017SenateSenate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 009-000-001
  4/28/2017SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
  8/4/2017SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments

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