Sen. Michael E. Hastings
Filed: 4/16/2018
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 65




2    AMENDMENT NO. ______. Amend Senate Bill 65, AS AMENDED, by 
3replacing everything after the enacting clause with the 
4following:


 
5    "Section 5. The Title Insurance Act is amended by adding 
6Section 18.5 as follows:
 
7    (215 ILCS 155/18.5 new)
8    Sec. 18.5. Multiple title insurance policies in a single 
9transaction. In a transaction for the sale and purchase of 
10residential real property, as defined in this Act, the title 
11insurance company issuing the owner's title insurance policy 
12shall issue the lender's title insurance policy for that 
13transaction, unless:
14        (1) the buyer and seller agree otherwise; or
15        (2) the buyer or seller is offered a discounted premium 
16    or an economic benefit as an inducement to split the title 
 
 
10000SB0065sam003- 2 -LRB100 00053 SMS 38493 a

1    insurance policies; if the buyer or seller is offered a 
2    discounted premium or an economic benefit as an inducement 
3    to split the title insurance policies and, at any time 
4    before the closing of the transaction, the title insurance 
5    company chosen to issue the owner's policy agrees to offer 
6    the same discounted premium or economic benefit, the 
7    policies shall be issued by the same title insurance 
8    company.".