Bill Text: IL SB1751 | 2021-2022 | 102nd 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. 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.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2022-05-09 - House Floor Amendment No. 2 Rule 19(b) / Motion Referred to Rules Committee [SB1751 Detail]

Download: Illinois-2021-SB1751-Introduced.html

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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
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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

SB1751 - 2 - LRB102 11925 BMS 17261 b
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.)