Next week, the Illinois House will vote to override Governor Rauner’s veto of SB 65, which amends the Title Insurance Act. The legislation provides that all title insurance policies issued in conjunction with a residential real estate closing be issued by the same policy-issuing entity, unless otherwise agreed by the parties.
Championed largely by PNTN, this is an effort to dissuade the usage of two title companies in a single transaction, which can lead to additional costs for a Buyer (who may not receive a discount from a simultaneously-issued policy) and ambiguities on coverage when claims arise.
The list of Illinois legislators to contact to vote in favor of SB 65 is available here. Find your House Representative by address location here.
P.O. Box 4956
Oak Brook, IL 60522-4956
Telephone: (312) 600-7720
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