SB0065sam004 100TH GENERAL ASSEMBLY

Sen. Michael E. Hastings

Filed: 4/20/2018

10000SB0065sam004 LRB100 00053 SMS 38873 a

AMENDMENT TO SENATE BILL 65

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

"Section 5. The Title Insurance Act is amended by changing Section 18.1 as follows:

(215 ILCS 155/18.1)

Sec. 18.1. Choice of title insurance company.

(a) It is declared to be the public policy of this State that, except as limited by subsection (b), parties to a contract for the sale of residential real property who are obligated to provide and pay for products and services enumerated in Section 19 title insurance have the right to choose the title insurance company, and title insurance agent, or independent escrowee that will provide such products and services title insurance. No lender or producer of title business, as the term is defined in this Act, shall, as a condition of making a loan, providing services of any kind, including, but not limited to, services as a broker, agent, lender, attorney, or otherwise, require a party to a contract for the sale of residential real property who is obligated by that contract to furnish and pay for products and services enumerated in Section 19 title insurance at their expense, to procure such products and services title insurance from a title insurance company, or title insurance agent, or independent escrowee other than a title insurance company, or title insurance agent, or independent escrowee that is chosen by the party paying for the title insurance.

(b) This subsection (b) applies exclusively to counties in Illinois having populations not less than 500,000. In a transaction for the sale and purchase of residential real property, as defined in this Act, the title insurance company issuing the owner's title insurance policy shall issue the lender's title insurance policy for that transaction if such a policy is required by the lender, unless:

(1) the buyer and seller agree otherwise; or

(2) the buyer or seller is offered a discount of fees as an inducement to split the title insurance policies, unless, prior to the closing of the transaction, the title insurance company chosen to issue the owner's policy agrees to offer the same discount of fees.

As used in this Section, "fees" includes those fees for products and services enumerated in Section 19.

(Source: P.A. 95-570, eff. 8-31-07.)".