Loading chat...
IL HB5437
Bill
Status
Failed
1/8/2013
Primary Sponsor
Pam Roth
Click for details
AI Summary
- Amends the Title Insurance Act by adding Section 24.6 regarding third-party mortgage assumption transactions
- Requires title insurance corporations authorized to do business in Illinois to provide written notice to both the mortgagor and third-party in a mortgage assumption transaction
- Notice must inform parties that the original mortgagor may remain responsible for the mortgage if the third-party assumes it but fails to pay
- Takes effect January 1, 2013
Legislative Description
TITLE INS-MORTGAGE ASSUMPTION
Last Action
Session Sine Die
1/8/2013
Committee Referrals
Rules2/15/2012
Full Bill Text
No bill text available