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| | SB1751 Engrossed | | LRB102 11925 BMS 17261 b |
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| 1 | | AN ACT concerning regulation.
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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 changing |
| 5 | | Section 18.1 as follows:
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| 6 | | (215 ILCS 155/18.1) |
| 7 | | Sec. 18.1. Choice of title insurance company. It is |
| 8 | | declared to be the public policy of this State that parties to |
| 9 | | a contract for the sale of residential real property who are |
| 10 | | obligated to provide and pay for title insurance have the |
| 11 | | right to choose the title insurance company and title |
| 12 | | insurance agent that will provide such title insurance. No |
| 13 | | lender or producer of title business, as the term is defined in |
| 14 | | this Act, shall, as a condition of making a loan, providing |
| 15 | | services of any kind, including, but not limited to, services |
| 16 | | as a broker, agent, lender, attorney, or otherwise, require a |
| 17 | | party to a contract for the sale of residential real property |
| 18 | | who is obligated by that contract to furnish and pay for title |
| 19 | | insurance at their expense, to procure title insurance from a |
| 20 | | title insurance company or title insurance agent other than a |
| 21 | | title insurance company or title insurance agent that is |
| 22 | | chosen by the party paying for the title insurance. |
| 23 | | Notwithstanding any other provision of this Section, it is |