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Sen. Michael E. Hastings
Filed: 3/9/2017
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1 | | AMENDMENT TO SENATE BILL 65
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2 | | AMENDMENT NO. ______. Amend Senate Bill 65 by replacing |
3 | | everything after the enacting clause with the following:
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4 | | "Section 5. The Title Insurance Act is amended by adding |
5 | | Section 18.5 as follows: |
6 | | (215 ILCS 155/18.5 new) |
7 | | Sec. 18.5. Multiple title insurance policies in a single |
8 | | transaction. |
9 | | (a) It is declared to be the public policy of this State |
10 | | that the practice of splitting title insurance policies among |
11 | | multiple title insurance companies in a single transaction for |
12 | | the sale and purchase of residential real property is harmful |
13 | | to Illinois consumers because it creates unnecessary costs, |
14 | | legal risks, duplication of services, inconvenience, and other |
15 | | harm to buyers and sellers. |
16 | | (b) In a transaction for the sale and purchase of |