Sen. Iris Y. Martinez
Filed: 10/10/2007
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1 | AMENDMENT TO HOUSE BILL 2973
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2 | AMENDMENT NO. ______. Amend House Bill 2973 by replacing | ||||||
3 | everything after the enacting clause with the following:
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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. Named parties on transactions. For each | ||||||
8 | residential mortgage loan transaction in which a title | ||||||
9 | insurance company, title insurance agent, or independent | ||||||
10 | escrowee engages in title insurance business, the title | ||||||
11 | insurance company, title insurance agent, or independent | ||||||
12 | escrowee engaging in such business shall file with the | ||||||
13 | Secretary, on a form prescribed by the Secretary, the names and | ||||||
14 | license or registration numbers, if applicable, of each | ||||||
15 | financial institution, residential mortgage licensee, loan | ||||||
16 | originator, real estate appraiser, real estate licensee, and |
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1 | closing agent involved in the residential mortgage loan | ||||||
2 | transaction. The form shall be filed with the Secretary no | ||||||
3 | later than 7 days after the closing of the residential mortgage | ||||||
4 | loan transaction. ".
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