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

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-Engrossed.html

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SB0065 Engrossed 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 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

SB0065 Engrossed - 2 - LRB100 00053 RPS 10054 b
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"