TITLE INSURANCE House SponsorsRep. Robert S. Molaro-Angelo Saviano Senate Sponsors(Sen. Don Harmon) 8/31/2007HousePublic Act . . . . . . . . . 95-0570 215 ILCS 155/3from Ch. 73, par. 1403215 ILCS 155/18.1 new215 ILCS 155/18.2 new215 ILCS 155/18.3 new Amends the Title Insurance Act. Creates a definition of "residential real property". Provides that no provider of title insurance shall, as a condition of making a loan, providing services of any kind, including, but not limited to, services as a broker, agent or lender, or otherwise, require a party to a contract for the sale of residential real property who is obligated by that contract to pay for title insurance to procure such insurance from a title insurance company or agent other than a title insurance company or title insurance agent that is chosen by the party paying for such insurance. Provides that unless otherwise agreed by the parties to a contract for the sale of residential real property, in any transaction concerning the sale and purchase of residential real property where the purchaser has obtained purchase money financing that is contemplated to be secured by a lien or liens in the nature of a purchase money mortgage or mortgages, the owner's title insurance policy and the lender's title insurance policy shall be provided by the same title insurance company or title insurance agent. Provides that in any transaction concerning the sale and purchase of residential real property the title insurance company, title insurance agent, escrow agent, and independent escrowee shall disclose in writing to the parties, to their attorneys, or within the contract, all costs and charges that are made by such title insurance company, title insurance agent, escrow agent, or independent escrowee and that are related to settlement services, title insurance, or lender endorsement requirements, not less than 10 days prior to the date of settlement. Provides that any such cost or charge that is not disclosed as provided herein shall not be required to be paid by any party to the transaction. Effective immediately.House Amendment No. 1 Deletes reference to:215 ILCS 155/18.2 new215 ILCS 155/18.3 newReplaces everything after the enacting clause. Amends the Title Insurance Act. Adds a definition of "residential real property". Provides that it is the public policy of this State that a party to a contract for the sale of residential real property who is obligated by the contract to pay for title insurance has the right to choose the title insurance company and title insurance agent that will provide the title insurance. Provides that no provider of title insurance shall, as a condition of making a loan, providing services of any kind, including, but not limited to, services as a broker, agent, lender, or otherwise, require a party to a contract for the sale of residential real property who is obligated by that contract to pay for title insurance to procure title insurance from a title insurance company or title insurance agent other than a title insurance company or title insurance agent that is chosen by the party paying for the title insurance. Effective immediately.House Amendment No. 3 Provides that no lender or producer of title business (instead of a provider of title insurance) shall, as a condition of making a loan, providing services of any kind, including, but not limited to, services as a broker, agent, lender, attorney, or otherwise (instead of only as a broker, agent, lender, or otherwise) require a party to a contract for the sale of residential real property who is obligated by that contract to furnish and pay for (instead of only pay for) title insurance at their expense, to procure title insurance from a title insurance company or title insurance agent other than a title insurance company or title insurance agent that is chosen by the party paying for the title insurance.Senate Committee Amendment No. 1 Provides that it is the public policy of this State that parties (instead of a party) to a contract for the sale of residential real property who are obligated to provide and pay for (instead of obligated by contract to pay for) title insurance have the right to choose the title insurance company and title insurance agent that will provide such title insurance. Provides that no provider of title insurance (instead of no lender or producer of title business), as the term is defined in the Title Insurance Act, shall, as a condition of making a loan, providing services of any kind, including, but not limited to, services as a broker, agent, lender, attorney, or otherwise, require a party to a contract for the sale of residential real property who is obligated by that contract to furnish and pay for title insurance at their expense, to procure title insurance from a title insurance company or title insurance agent other than a title insurance company or title insurance agent that is chosen by the party paying for the title insurance.Senate Floor Amendment No. 3 Provides that no lender or producer of title business (instead of provider of title insurance), as the term is defined in the Title Insurance Act, shall, as a condition of making a loan, providing services of any kind, including, but not limited to, services as a broker, agent, lender, attorney, or otherwise, require a party to a contract for the sale of residential real property who is obligated by that contract to furnish and pay for title insurance at their expense, to procure title insurance from a title insurance company or title insurance agent other than a title insurance company or title insurance agent that is chosen by the party paying for the title insurance. 2/16/2007HouseFiled with the Clerk by Rep. Robert S. Molaro 2/20/2007HouseFirst Reading 2/20/2007HouseReferred to Rules Committee 2/22/2007HouseAssigned to Executive Committee 3/6/2007HouseRe-assigned to Judiciary I - Civil Law Committee 3/13/2007HouseAdded Chief Co-Sponsor Rep. Angelo Saviano 3/14/2007HouseHouse Amendment No. 1 Filed with Clerk by Judiciary I - Civil Law Committee 3/14/2007HouseHouse Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote 3/14/2007HouseDo Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 012-000-001 3/14/2007HousePlaced on Calendar 2nd Reading - Short Debate 3/21/2007HouseHouse Amendment No. 2 Filed with Clerk by Rep. Robert S. Molaro 3/21/2007HouseHouse Amendment No. 2 Referred to Rules Committee 3/27/2007HouseHouse Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000 4/17/2007HouseHouse Amendment No. 3 Filed with Clerk by Rep. Robert S. Molaro 4/17/2007HouseHouse Amendment No. 3 Referred to Rules Committee 4/23/2007HouseHouse Amendment No. 3 Recommends Be Adopted Rules Committee; 003-000-000 4/24/2007HouseSecond Reading - Short Debate 4/24/2007HouseHouse Amendment No. 2 Withdrawn by Rep. Robert S. Molaro 4/24/2007HouseHouse Amendment No. 3 Adopted by Voice Vote 4/24/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/26/2007HouseThird Reading - Short Debate - Passed 116-000-000 5/1/2007SenateArrive in Senate 5/1/2007SenatePlaced on Calendar Order of First Reading May 2, 2007 5/1/2007SenateChief Senate Sponsor Sen. Don Harmon 5/2/2007SenateFirst Reading 5/2/2007SenateReferred to Rules 5/3/2007SenateAssigned to Insurance 5/8/2007SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Don Harmon 5/8/2007SenateSenate Committee Amendment No. 1 Referred to Rules 5/9/2007SenateSenate Committee Amendment No. 1 Rules Refers to Insurance 5/9/2007SenateSenate Committee Amendment No. 1 Adopted 5/10/2007SenateDo Pass as Amended Insurance; 006-000-001 5/10/2007SenatePlaced on Calendar Order of 2nd Reading May 15, 2007 5/16/2007SenateSecond Reading 5/16/2007SenatePlaced on Calendar Order of 3rd Reading May 17, 2007 5/23/2007SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Don Harmon 5/23/2007SenateSenate Floor Amendment No. 2 Referred to Rules 5/23/2007SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Don Harmon 5/23/2007SenateSenate Floor Amendment No. 3 Referred to Rules 5/24/2007SenateSenate Floor Amendment No. 2 Rules Refers to Insurance 5/24/2007SenateSenate Floor Amendment No. 3 Rules Refers to Insurance 5/25/2007SenateSenate Floor Amendment No. 2 Postponed - Insurance 5/25/2007SenateSenate Floor Amendment No. 3 Recommend Do Adopt Insurance; 006-000-000 5/25/2007SenateRecalled to Second Reading 5/25/2007SenateSenate Floor Amendment No. 3 Adopted; Harmon 5/25/2007SenatePlaced on Calendar Order of 3rd Reading 5/25/2007SenateThird Reading - Passed; 053-000-002 5/25/2007SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) 5/25/2007HouseArrived in House 5/25/2007HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1,3 5/29/2007HouseSenate Committee Amendment No. 1 Motion Filed Concur Rep. Robert S. Molaro 5/29/2007HouseSenate Floor Amendment No. 3 Motion Filed Concur Rep. Robert S. Molaro 5/29/2007HouseSenate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee 5/29/2007HouseSenate Floor Amendment No. 3 Motion to Concur Referred to Rules Committee 5/30/2007HouseSenate Committee Amendment No. 1 Motion to Concur Recommends be Adopted Rules Committee; 004-000-000 5/30/2007HouseSenate Floor Amendment No. 3 Motion to Concur Recommends be Adopted Rules Committee; 004-000-000 5/31/2007HouseFinal Action Deadline Extended-9(b) June 8, 2007 6/7/2007House3/5 Vote Required 6/7/2007HouseSenate Committee Amendment No. 1 House Concurs 098-001-000 6/7/2007HouseSenate Floor Amendment No. 3 House Concurs 098-001-000 6/7/2007HousePassed Both Houses 7/6/2007HouseSent to the Governor 8/31/2007HouseGovernor Approved 8/31/2007HouseEffective Date August 31, 2007 8/31/2007HousePublic Act . . . . . . . . . 95-0570