Sen. Michael E. Hastings
Filed: 3/9/2017
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 65 




2    AMENDMENT NO. ______. Amend Senate Bill 65 by replacing 
3everything after the enacting clause with the following:


 
4    "Section 5. The Title Insurance Act is amended by adding 
5Section 18.5 as follows:
 
6    (215 ILCS 155/18.5 new)
7    Sec. 18.5. Multiple title insurance policies in a single 
8transaction.
9    (a) It is declared to be the public policy of this State 
10that the practice of splitting title insurance policies among 
11multiple title insurance companies in a single transaction for 
12the sale and purchase of residential real property is harmful 
13to Illinois consumers because it creates unnecessary costs, 
14legal risks, duplication of services, inconvenience, and other 
15harm to buyers and sellers. 
16    (b) In a transaction for the sale and purchase of 
 
 
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1residential real property, as defined in this Act, the title 
2insurance company issuing the owner's title insurance policy 
3shall issue the lender's title insurance policy for that 
4transaction, unless:
5        (1) the buyer and seller agree otherwise; or
6        (2) the buyer or seller is offered a discounted premium 
7    or an economic benefit as an inducement to split the title 
8    insurance policies; if the buyer or seller is offered a 
9    discounted premium or an economic benefit as an inducement 
10    to split the title insurance policies and, at any time 
11    before the closing of the transaction, the title insurance 
12    company chosen to issue the owner's policy agrees to offer 
13    the same discounted premium or economic benefit, the 
14    policies shall be issued by the same title insurance 
15    company.".