SB0065 EngrossedLRB100 00053 RPS 10054 b


  
1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  



 
4    Section 5. The Title Insurance Act is amended  by changing 
5Section 18.1 as follows:
 
6    (215 ILCS 155/18.1)
7    Sec. 18.1. Choice of title insurance company.  
8    (a) It is  declared to be the public policy of this State 
9that, except as limited by subsection (b), parties to a 
10contract for the sale of residential real property who are 
11obligated to provide and pay for products and services 
12enumerated in Section 19 title insurance have the right to 
13choose the title insurance company, and title insurance agent, 
14or independent escrowee that will provide such products and 
15services title insurance.  No lender or producer of title 
16business, as the term is defined in this Act, shall, as a 
17condition of making a loan, providing services of any kind, 
18including, but not limited to, services as a broker, agent, 
19lender, attorney, or otherwise, require a party to a contract 
20for the sale of residential real property who is obligated by 
21that contract to furnish and pay for products and services 
22enumerated in Section 19 title insurance at their expense, to 
23procure such products and services title insurance from a title 
 
 
SB0065 Engrossed- 2 -LRB100 00053 RPS 10054 b

1insurance company, or title insurance agent, or independent


2escrowee other than a title insurance company, or title 
3insurance agent, or independent escrowee that is chosen by the 
4party paying for the title insurance.

5    (b) This subsection (b) applies exclusively to counties in 
6Illinois having populations not less than

500,000. In a 
7transaction for the sale and purchase of residential real 
8property, as defined in this Act, the

title insurance company 
9issuing the owner's title insurance policy shall issue the 
10lender's title insurance

policy for that transaction if such a 
11policy is required by the lender, unless: 
12        (1)    the buyer and seller agree otherwise; or 
13        (2)   the buyer or seller is offered a discount of fees 
14    as an inducement to split the title

insurance policies, 
15    unless, prior to the closing of the transaction, the title 
16    insurance company chosen to

issue the owner's policy agrees 
17    to offer the same discount of fees.
18    As used in  this Section, "fees"

includes those fees for 
19products and services enumerated in Section 19. 
20(Source: P.A. 95-570, eff. 8-31-07.)