HB2246ham001 97TH GENERAL ASSEMBLY

Rep. Pam Roth

Filed: 3/22/2011

09700HB2246ham001 LRB097 08147 CEL 53291 a

AMENDMENT TO HOUSE BILL 2246

AMENDMENT NO. ______. Amend House Bill 2246 by replacing everything after the enacting clause with the following:

"Section 5. The Title Insurance Act is amended by adding Section 24.6 as follows:

(215 ILCS 155/24.6 new)

Sec. 24.6. Third-party mortgage assumption transaction. A corporation authorized to do business under this Act shall notify, in writing, the original mortgage holder and the third-party involved in a mortgage assumption transaction that when the mortgage is being separated from the property and the third-party fails to pay the mortgage, the original mortgage holder may be responsible for the mortgage.

Section 99. Effective date. This Act takes effect January 1, 2012.".