ATG Prevails: Judge Enjoins State from Implementing DS-1 Disclosure of Financial Interest Form on July 1

ATG Illinois Agents: Until further notice, continue to use the old form.

We are pleased to report that ATG prevailed in its request for a stay of implementation against the Illinois Department of Financial and Professional Regulation (IDFPR). The judge granted ATG's request for a stay of implementation of the revised DS-1 form until a hearing on the merits. He found particularly compelling ATG's argument that attorneys should not be required to disclose their fees to third parties and that the IDFPR does not have authority to regulate attorneys' fees.

ATG has offered to work further with the Title Insurance Division of the IDFPR to help it develop a method to improve consumer disclosure, protect the privileges contained within the attorney-client relationship, and encourage consumers to seek out legal counsel when engaging in the largest financial transaction of a lifetime. Additionally, ATG encourages the IDFPR to use its regulatory authority to protect against the unscrupulous few who seek to take advantage of unsuspecting and unrepresented consumers.

Until further notice, ATG agents should continue to use the disclosure form that is available on the IDFPR's website and in ATG REsource.

As always, we welcome your feedback; please feel free to Contact Us about this important matter.

Posted on: Fri, 06/29/2018 - 3:31pm