HB1512 98TH GENERAL ASSEMBLY

LRB098 04113 RPM 34136 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB1512

Introduced , 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, 2014.

A BILL FOR

AN ACT concerning insurance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Title Insurance Act is amended by adding Section 24.6 as follows:

(215 ILCS 155/24.6 new)

Sec. 24.6. Third-party mortgage assumption transaction. A corporation authorized to do business under this 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.

Section 99. Effective date. This Act takes effect January 1, 2014.