(215 ILCS 155/18) (from Ch. 73, par. 1418)
Sec. 18. No referral payments; kickbacks.
(a) Application of this Section is limited to residential
properties of 4 or fewer units, at least one of which units is occupied or
to be occupied by an owner, legal or beneficial.
(b) No title insurance company, independent escrowee, or
title insurance agent may issue a title insurance
policy to, or provide services to an applicant if it knows or has reason
to believe that the applicant was referred to it by any producer of title
business or by any associate of such producer, where the producer, the
associate, or both, have a financial interest in the title insurance
company, independent escrowee, or title insurance agent to which business
is referred unless the producer has disclosed to any party paying for the
products or services, or his representative, the financial interest of the
producer of title business or associate referring the title business and a
disclosure of an estimate of those charges to be paid as described in
Section 19. Such disclosure must be made in writing on forms prescribed by
the Secretary prior to the time that the commitment for title insurance is
issued. The title insurance company, independent escrowee, or title
insurance agent shall maintain the disclosure forms for a period of 3 years.
(c)
Each title insurance company, independent escrowee, and title
insurance agent shall file with the Secretary, on forms prescribed by the
Secretary, reports setting forth the names and addresses of those persons,
if any, who have had a financial interest in the title insurance company,
independent escrowee, or title insurance agent during the calendar year,
who are known or reasonably believed by the title insurance company,
independent escrowee, or title insurance agent to be producers of title
business or associates of producers.
(1) Each title insurance company and independent |