Bill Text: IL HB5437 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Title Insurance Act. Provides that a corporation authorized to do business under the Act shall notify, in writing, the mortgagor and the third-party involved in a mortgage assumption transaction that when the mortgage is being assumed by the third-party and the third-party fails to pay the mortgage, the mortgagor may be responsible for the mortgage. Effective January 1, 2013.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB5437 Detail]

Download: Illinois-2011-HB5437-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB5437 Introduced , by Rep. Pam Roth SYNOPSIS AS INTRODUCED:
215 ILCS 155/24.6 new
Amends the Title Insurance Act. Provides that a corporation authorized to do business under the Act shall notify, in writing, the mortgagor and the third-party involved in a mortgage assumption transaction that when the mortgage is being assumed by the third-party and the third-party fails to pay the mortgage, the mortgagor may be responsible for the mortgage. Effective January 1, 2013.
LRB097 15152 RPM 60252 b
A BILL FOR
HB5437 LRB097 15152 RPM 60252 b
AN ACT concerning insurance.
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 24.6 as follows:
(215 ILCS 155/24.6 new)
Sec. 24.6. Third-party mortgage assumption transaction. A
corporation authorized to do business under this Act shall
notify, in writing, the mortgagor and the third-party involved
in a mortgage assumption transaction that when the mortgage is
being assumed by the third-party and the third-party fails to
pay the mortgage, the mortgagor may be responsible for the
mortgage.
Section 99. Effective date. This Act takes effect January
1, 2013.