IL HB1604

Amends the Title Insurance Act to establish that parties to residential real property sales contracts who pay for title insurance products and services have the right to choose the title insurance company, title insurance agent, or independent escrowee providing those services.

Prohibits lenders and title business producers from requiring parties obligated to pay for title insurance products and services to use a specific title insurance company, agent, or independent escrowee as a condition of making a loan or providing services.

Applies a special requirement in counties with populations of at least 500,000: the title insurance company issuing the owner's policy must also issue the lender's policy if required by the lender, unless the buyer and seller agree otherwise.

Creates an exception to the requirement above if the buyer or seller is offered a discount on fees to split title insurance policies, unless the owner's policy company agrees to match that discount prior to closing.