SB1751 102ND GENERAL ASSEMBLY

LRB102 11925 BMS 17261 b

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.

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

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. It is declared to be the public policy of this State that parties to a contract for the sale of residential real property who are obligated to provide and pay for title insurance have the right to choose the title insurance company and title insurance agent that will provide such 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 title insurance at their expense, to procure title insurance from a title insurance company or title insurance agent other than a title insurance company or title insurance agent that is chosen by the party paying for the title insurance. Notwithstanding any other provision of this Section, it is also the public policy of this 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.

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