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(815 ILCS 505/2T) (from Ch. 121 1/2, par. 262T)
Sec. 2T.
No person, firm, corporation, partnership or association which
may extend credit or make a loan secured by an interest in real estate
which is or is to be improved with a single family residence or any
residential condominium unit occupied or to be occupied as a principal
residence by either the borrower as an individual or, if the borrower is
the trustee of a trust, by a beneficiary of that trust, shall require,
either directly or indirectly, as a condition precedent to making such loan
or extending such credit (a) that any seller, borrower, mortgagor or debtor
to whom such money or credit is extended negotiate, obtain or contract for
title insurance through a particular insurer, agent or broker; or (b) that
any seller, borrower, mortgagor or debtor pay for a title commitment or
policy other than a title commitment or policy issued at the request of the
seller, borrower, mortgagor or other debtor. Nothing contained in this
Section shall be construed to prohibit the lender from requiring title
insurance as a condition of making a loan secured by an interest in real
estate. The lender may refuse to make the loan or may reject the title
insurer or the proposed policy if the lender believes on reasonable grounds
that the title insurance will afford insufficient financial protection to
the lender or insufficient protection as defined under regulations
administered by the Federal Home Loan Bank Board. Nothing contained in
this Section shall be construed to affect any provision in a contract
between a seller and buyer of real estate with respect to the selection of
title insurance.
(Source: P.A. 85-1209; 85-1351; 85-1440.)
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