94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4731


 
Introduced 01/12/06, by Rep. JoAnn D. Osmond
 
SYNOPSIS AS INTRODUCED:
 		













815 ILCS 505/2XX new










    Amends the Consumer Fraud and Deceptive Business Practices Act.  Makes it an unlawful practice under the Act, in a situation dealing with the sale or transfer of real property, to: (i) condition or refuse the sale of real property based upon a purchaser's election to use the service provider of his or her choice for mortgage, title, appraisal, or insurance services; (ii) increase the cost of any real property transaction based upon a purchaser's election to use the service provider of his or her choice for mortgage, title, appraisal, or insurance services; or (iii) require the use of any service provider in the sale or transfer of real property as a condition to receive any incentive, promotion, or special offer. Effective immediately.
















LRB094 17496 LCT 52791 b

















 


 


A BILL FOR









 











HB4731

LRB094 17496 LCT 52791 b






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    AN ACT concerning business.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Consumer Fraud and Deceptive Business 
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Practices Act is amended  by adding Section 2XX as follows:
 
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    (815 ILCS 505/2XX  new)
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    Sec. 2XX. Real property transfer. It is an unlawful 
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practice under this Act, in any situation dealing with the sale 
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or transfer of real property, whether residential or 
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commercial, to:
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    (1) condition or refuse the sale of real property based 
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upon a purchaser's election to use the service provider of his 
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or her choice for mortgage, title, appraisal, or insurance 
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services;
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    (2) increase the cost of any real property transaction 
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based upon a purchaser's election to use the service provider 
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of his or her choice for mortgage, title, appraisal, or 
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insurance services; or
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    (3) require the use of any service provider in the sale or 
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transfer of real property as a condition to receive any 
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incentive, promotion, or special offer.

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.