Rep. Pam Roth

Filed: 3/22/2011

 

 


 

 


 
09700HB2246ham001LRB097 08147 CEL 53291 a

1
AMENDMENT TO HOUSE BILL 2246

2    AMENDMENT NO. ______. Amend House Bill 2246 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Title Insurance Act is amended by adding
5Section 24.6 as follows:
 
6    (215 ILCS 155/24.6 new)
7    Sec. 24.6. Third-party mortgage assumption transaction. A
8corporation authorized to do business under this Act shall
9notify, in writing, the original mortgage holder and the
10third-party involved in a mortgage assumption transaction that
11when the mortgage is being separated from the property and the
12third-party fails to pay the mortgage, the original mortgage
13holder may be responsible for the mortgage.
 
14    Section 99. Effective date. This Act takes effect January
151, 2012.".