Full Text of SB0065 100th General Assembly
SB0065sam004 100TH GENERAL ASSEMBLY | Sen. Michael E. Hastings Filed: 4/20/2018
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| 1 | | AMENDMENT TO SENATE BILL 65
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 65, AS AMENDED, by | 3 | | replacing everything after the enacting clause with the | 4 | | following:
| 5 | | "Section 5. The Title Insurance Act is amended by changing | 6 | | Section 18.1 as follows: | 7 | | (215 ILCS 155/18.1) | 8 | | Sec. 18.1. Choice of title insurance company. | 9 | | (a) It is declared to be the public policy of this State | 10 | | that , except as limited by subsection (b), parties to a | 11 | | contract for the sale of residential real property who are | 12 | | obligated to provide and pay for products and services | 13 | | enumerated in Section 19 title insurance have the right to | 14 | | choose the title insurance company , and title insurance agent , | 15 | | or independent escrowee that will provide such products and | 16 | | services title insurance . No lender or producer of title |
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| 1 | | business, as the term is defined in this Act, shall, as a | 2 | | condition of making a loan, providing services of any kind, | 3 | | including, but not limited to, services as a broker, agent, | 4 | | lender, attorney, or otherwise, require a party to a contract | 5 | | for the sale of residential real property who is obligated by | 6 | | that contract to furnish and pay for products and services | 7 | | enumerated in Section 19 title insurance at their expense, to | 8 | | procure such products and services title insurance from a title | 9 | | insurance company , or title insurance agent , or independent
| 10 | | escrowee other than a title insurance company , or title | 11 | | insurance agent , or independent escrowee that is chosen by the | 12 | | party paying for the title insurance.
| 13 | | (b) This subsection (b) applies exclusively to counties in | 14 | | Illinois having populations not less than
500,000. In a | 15 | | transaction for the sale and purchase of residential real | 16 | | property, as defined in this Act, the
title insurance company | 17 | | issuing the owner's title insurance policy shall issue the | 18 | | lender's title insurance
policy for that transaction if such a | 19 | | policy is required by the lender, unless: | 20 | | (1) the buyer and seller agree otherwise; or | 21 | | (2) the buyer or seller is offered a discount of fees | 22 | | as an inducement to split the title
insurance policies, | 23 | | unless, prior to the closing of the transaction, the title | 24 | | insurance company chosen to
issue the owner's policy agrees | 25 | | to offer the same discount of fees. | 26 | | As used in this Section, "fees"
includes those fees for |
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| 1 | | products and services enumerated in Section 19. | 2 | | (Source: P.A. 95-570, eff. 8-31-07.)".
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