HB4731 94TH GENERAL ASSEMBLY

LRB094 17496 LCT 52791 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4731

Introduced 01/12/06, by Rep. JoAnn D. Osmond

SYNOPSIS AS INTRODUCED:

815 ILCS 505/2XX new

Amends the Consumer Fraud and Deceptive Business Practices Act. Makes it an unlawful practice under the Act, in a situation dealing with the sale or transfer of real property, to: (i) condition or refuse the sale of real property based upon a purchaser's election to use the service provider of his or her choice for mortgage, title, appraisal, or insurance services; (ii) increase the cost of any real property transaction based upon a purchaser's election to use the service provider of his or her choice for mortgage, title, appraisal, or insurance services; or (iii) require the use of any service provider in the sale or transfer of real property as a condition to receive any incentive, promotion, or special offer. Effective immediately.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Consumer Fraud and Deceptive Business Practices Act is amended by adding Section 2XX as follows:

(815 ILCS 505/2XX new)

Sec. 2XX. Real property transfer. It is an unlawful practice under this Act, in any situation dealing with the sale or transfer of real property, whether residential or commercial, to:

(1) condition or refuse the sale of real property based upon a purchaser's election to use the service provider of his or her choice for mortgage, title, appraisal, or insurance services;

(2) increase the cost of any real property transaction based upon a purchaser's election to use the service provider of his or her choice for mortgage, title, appraisal, or insurance services; or

(3) require the use of any service provider in the sale or transfer of real property as a condition to receive any incentive, promotion, or special offer.

Section 99. Effective date. This Act takes effect upon becoming law.