102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB1751

 

Introduced 2/26/2021, by Sen. Michael E. Hastings

 

SYNOPSIS AS INTRODUCED:
 
215 ILCS 155/18.1

    Amends the Title Insurance Act. In provisions concerning choice of title insurance company, provides that it is the public policy of the State that consumers obligated to pay for title insurance services are afforded the opportunity to make an informed decision and, in so doing, have the option to consult with legal counsel before title insurance payment obligations are effective.


LRB102 11925 BMS 17261 b

 

 

A BILL FOR

 

SB1751LRB102 11925 BMS 17261 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Title Insurance Act is amended by changing
5Section 18.1 as follows:
 
6    (215 ILCS 155/18.1)
7    Sec. 18.1. Choice of title insurance company. It is
8declared to be the public policy of this State that parties to
9a contract for the sale of residential real property who are
10obligated to provide and pay for title insurance have the
11right to choose the title insurance company and title
12insurance agent that will provide such title insurance. No
13lender or producer of title business, as the term is defined in
14this Act, shall, as a condition of making a loan, providing
15services of any kind, including, but not limited to, services
16as a broker, agent, lender, attorney, or otherwise, require a
17party to a contract for the sale of residential real property
18who is obligated by that contract to furnish and pay for title
19insurance at their expense, to procure title insurance from a
20title insurance company or title insurance agent other than a
21title insurance company or title insurance agent that is
22chosen by the party paying for the title insurance.
23Notwithstanding any other provision of this Section, it is

 

 

SB1751- 2 -LRB102 11925 BMS 17261 b

1also the public policy of this State that consumers obligated
2to pay for title insurance services are afforded the
3opportunity to make an informed decision and, in so doing,
4have the option to consult with legal counsel before title
5insurance payment obligations are effective.
6(Source: P.A. 95-570, eff. 8-31-07.)