|
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5437 Introduced 2/15/2012, by Rep. Pam Roth SYNOPSIS AS INTRODUCED:
|
| |
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, 2013.
|
| |
| | A BILL FOR |
|
|
| | HB5437 | | LRB097 15152 RPM 60252 b |
|
|
| 1 | | AN ACT concerning insurance.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Title Insurance Act is amended by adding |
| 5 | | Section 24.6 as follows:
|
| 6 | | (215 ILCS 155/24.6 new) |
| 7 | | Sec. 24.6. Third-party mortgage assumption transaction. A |
| 8 | | corporation authorized to do business under this Act shall |
| 9 | | notify, in writing, the mortgagor and the third-party involved |
| 10 | | in a mortgage assumption transaction that when the mortgage is |
| 11 | | being assumed by the third-party and the third-party fails to |
| 12 | | pay the mortgage, the mortgagor may be responsible for the |
| 13 | | mortgage.
|
| 14 | | Section 99. Effective date. This Act takes effect January |
| 15 | | 1, 2013.
|