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Rep. Pam Roth
Filed: 3/22/2011
| | 09700HB2246ham001 | | LRB097 08147 CEL 53291 a |
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| 1 | | AMENDMENT TO HOUSE BILL 2246
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| 2 | | AMENDMENT NO. ______. Amend House Bill 2246 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:
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| 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 original mortgage holder and the |
| 10 | | third-party involved in a mortgage assumption transaction that |
| 11 | | when the mortgage is being separated from the property and the |
| 12 | | third-party fails to pay the mortgage, the original mortgage |
| 13 | | holder may be responsible for the mortgage.
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| 14 | | Section 99. Effective date. This Act takes effect January |
| 15 | | 1, 2012.".
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