[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_HB4705
LRB9113337STsb
1 AN ACT to amend the Consumer Fraud and Deceptive Business
2 Practices Act by adding Section 2T-5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Consumer Fraud and Deceptive Business
6 Practices Act is amended by adding Section 2T-5 as follows:
7 (815 ILCS 505/2T-5 new)
8 Sec. 2T-5. Settlement service referral conditions
9 prohibited.
10 (a) No person, firm, corporation, partnership, or
11 association that provides real estate settlement services, as
12 that term is defined in paragraph (3) of Section 2602 of the
13 federal Real Estate Settlement Procedures Act of 1974, may
14 condition, either directly or indirectly, the referral of
15 another settlement service to a provider of that settlement
16 service on the condition that the provider of the referred
17 settlement service use the services of a title insurance
18 company or title insurance agent affiliated with the provider
19 of real estate settlement services making the referral.
20 (b) Nothing contained in this Section shall be construed
21 as expanding the applicability of this Act to actions or
22 transactions exempted from the provisions of this Act by
23 Section 10b of this Act.
24 Section 99. Effective date. This Act takes effect upon
25 becoming law.