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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB1512 Introduced , by Rep. Pam Roth SYNOPSIS AS INTRODUCED:
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Amends the Title Insurance Act. Provides that a corporation authorized to do business under the Act shall notify, in writing, the mortgagor and the third-party involved in a mortgage assumption transaction that when the mortgage is being assumed by the third-party and the third-party fails to pay the mortgage, the mortgagor may be responsible for the mortgage. Effective January 1, 2014.
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| | A BILL FOR |
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| | HB1512 | | LRB098 04113 RPM 34136 b |
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| 1 | | AN ACT concerning insurance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Title Insurance Act is amended by adding |
| 5 | | Section 24.6 as follows:
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| 6 | | (215 ILCS 155/24.6 new) |
| 7 | | Sec. 24.6. Third-party mortgage assumption transaction. A |
| 8 | | corporation authorized to do business under this Act shall |
| 9 | | notify, in writing, the mortgagor and the third-party involved |
| 10 | | in a mortgage assumption transaction that when the mortgage is |
| 11 | | being assumed by the third-party and the third-party fails to |
| 12 | | pay the mortgage, the mortgagor may be responsible for the |
| 13 | | mortgage.
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| 14 | | Section 99. Effective date. This Act takes effect January |
| 15 | | 1, 2014.
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