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IL HB1512

Bill

Official Source

Status

Failed

12/3/2014

Primary Sponsor

Pam Roth

Click for details

Origin

House of Representatives

98th General Assembly

AI Summary

  • Amends the Title Insurance Act by adding Section 24.6 to establish notification requirements for mortgage assumption transactions
  • Requires title insurance corporations authorized to do business in Illinois to provide written notice to both the mortgagor and third-party involved in a mortgage assumption transaction
  • Written notice must inform parties that if the third-party assuming the mortgage fails to pay, the original mortgagor may remain responsible for the mortgage
  • Effective date: January 1, 2014

Legislative Description

TITLE INS-MORTGAGE ASSUMPTION

Last Action

Session Sine Die

12/3/2014

Committee Referrals

Rules3/22/2013
Financial Institutions2/19/2013
Rules2/13/2013

Full Bill Text

No bill text available