SB0065sam003 100TH GENERAL ASSEMBLY

Sen. Michael E. Hastings

Filed: 4/16/2018

10000SB0065sam003 LRB100 00053 SMS 38493 a

AMENDMENT TO SENATE BILL 65

AMENDMENT NO. ______. Amend Senate Bill 65, AS AMENDED, by replacing everything after the enacting clause with the following:

"Section 5. The Title Insurance Act is amended by adding Section 18.5 as follows:

(215 ILCS 155/18.5 new)

Sec. 18.5. Multiple title insurance policies in a single transaction. In a transaction for the sale and purchase of residential real property, as defined in this Act, the title insurance company issuing the owner's title insurance policy shall issue the lender's title insurance policy for that transaction, unless:

(1) the buyer and seller agree otherwise; or

(2) the buyer or seller is offered a discounted premium or an economic benefit as an inducement to split the title insurance policies; if the buyer or seller is offered a discounted premium or an economic benefit as an inducement to split the title insurance policies and, at any time before the closing of the transaction, the title insurance company chosen to issue the owner's policy agrees to offer the same discounted premium or economic benefit, the policies shall be issued by the same title insurance company.".