Illinois General Assembly - Full Text of SB1751
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Full Text of SB1751  102nd General Assembly

SB1751eng 102ND GENERAL ASSEMBLY

  
  
  

 


 
SB1751 EngrossedLRB102 11925 BMS 17261 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. It is
8declared to be the public policy of this State that parties to
9a contract for the sale of residential real property who are
10obligated to provide and pay for title insurance have the
11right to choose the title insurance company and title
12insurance agent that will provide such title insurance. No
13lender or producer of title business, as the term is defined in
14this Act, shall, as a condition of making a loan, providing
15services of any kind, including, but not limited to, services
16as a broker, agent, lender, attorney, or otherwise, require a
17party to a contract for the sale of residential real property
18who is obligated by that contract to furnish and pay for title
19insurance at their expense, to procure title insurance from a
20title insurance company or title insurance agent other than a
21title insurance company or title insurance agent that is
22chosen by the party paying for the title insurance.
23Notwithstanding any other provision of this Section, it is

 

 

SB1751 Engrossed- 2 -LRB102 11925 BMS 17261 b

1also the public policy of this State that consumers obligated
2to pay for title insurance services are afforded the
3opportunity to make an informed decision and, in so doing,
4have the option to consult with legal counsel before title
5insurance payment obligations are effective.
6(Source: P.A. 95-570, eff. 8-31-07.)