The Illinois Department of Financial and Professional Regulation, Division of Financial Institutions said it has received inquiries concerning the practice of some title insurance companies and title insurance agents providing title searches without charging for those services if the transaction fails to close, and asking if such offerings are akin to illegal inducements.
Responding to the inquiries, the regulators released a statement titled, “Statement Regarding Free Title Search Services as Illegal Inducements” in which it opined that agents who do such work for free are putting themselves in jeopardy of being found to be providing an illegal inducement.
No comments:
Post a Comment