Illinois General Assembly - Full Text of HB2246
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Full Text of HB2246  97th General Assembly

HB2246ham002 97TH GENERAL ASSEMBLY

Rep. Pam Roth

Filed: 3/29/2011

 

 


 

 


 
09700HB2246ham002LRB097 08147 CEL 53472 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 mortgagor and the third-party involved
10in a mortgage assumption transaction that when the mortgage is
11being assumed by the third-party and the third-party fails to
12pay the mortgage, the mortgagor may be responsible for the
13mortgage.
 
14    Section 99. Effective date. This Act takes effect January
151, 2012.".