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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4731
Introduced 01/12/06, by Rep. JoAnn D. Osmond SYNOPSIS AS INTRODUCED:
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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.
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A BILL FOR
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HB4731 |
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LRB094 17496 LCT 52791 b |
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| AN ACT concerning business.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Consumer Fraud and Deceptive Business |
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| Practices Act is amended by adding Section 2XX as follows:
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| (815 ILCS 505/2XX new) |
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| Sec. 2XX. Real property transfer. It is an unlawful |
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| practice under this Act, in any situation dealing with the sale |
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| or transfer of real property, whether residential or |
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| commercial, to: |
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| (1) condition or refuse the sale of real property based |
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| upon a purchaser's election to use the service provider of his |
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| or her choice for mortgage, title, appraisal, or insurance |
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| services; |
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| (2) increase the cost of any real property transaction |
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| based upon a purchaser's election to use the service provider |
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| of his or her choice for mortgage, title, appraisal, or |
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| insurance services; or |
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| (3) require the use of any service provider in the sale or |
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| transfer of real property as a condition to receive any |
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| incentive, promotion, or special offer.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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