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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Title Insurance Act. Provides that in a transaction for the sale and purchase of residential real property, all title insurance policies for that transaction shall be issued through the same policy issuing entity, except as otherwise agreed by the seller and buyer. Effective January 1, 2018.

Spectrum: Partisan Bill (Democrat 2-0)

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

Download: Illinois-2017-SB0065-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 SB0065 Introduced 1/11/2017, by Sen. Michael E. Hastings SYNOPSIS AS INTRODUCED:
215 ILCS 155/8.5 new
Amends the Title Insurance Act. Provides that in a transaction for the sale and purchase of residential real property, all title insurance policies for that transaction shall be issued through the same policy issuing entity, except as otherwise agreed by the seller and buyer. Effective January 1, 2018.
LRB100 00053 RPS 10054 b
A BILL FOR
SB0065 LRB100 00053 RPS 10054 b
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 adding
Section 8.5 as follows:
(215 ILCS 155/8.5 new)
Sec. 8.5. Multiple title insurance policies in a single
transaction. In a transaction for the sale and purchase of
residential real property, as defined in this Act, all title
insurance policies for that transaction shall be issued through
the same policy issuing entity, except as otherwise agreed by
the seller and buyer.
Section 99. Effective date. This Act takes effect January
1, 2018.