Bill Amendment: IL SB0065 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: TITLE INS-MULTIPLE POLICIES

Status: 2018-11-29 - Total Veto Stands [SB0065 Detail]

Download: Illinois-2017-SB0065-Senate_Amendment_001.html

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Sen. Michael E. Hastings

Filed: 3/9/2017

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

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