Proposed Implementation Date Remains July 1, 2018

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

On June 5, 2018, the Title Insurance Division of the Illinois Department of Financial and Professional Regulation (IDFPR or the Department) released a new version of the DS-1 Disclosure for Producers of Title Insurance Business and Instructions for Completing the Disclosure of Financial Interest Form. (Scroll down to Attachment(s), below, and click DS-1FormDraft-Rev-2018-07.pdf.) The revised version is the result of the department and the industry working together to develop a disclosure form that provides meaningful information to consumers. The Department has indicated that it intends to require the use of the new form beginning on July 1, 2018.

This revised form is a significant improvement over the previous drafts. ATG has requested that the Department consider a few clarifying modifications. (To view our email comments to the IDFPR, scroll down to the Attachment(s) section and click ATG-Email-RE-DS-1Disclosure.pdf.) Most importantly, ATG has asked the Department to reconsider the portion of the form that requires the Producer (lawyer, lender, or real estate broker) to estimate the fee that will be earned by the Producer for services that are not related to the issuance of title insurance, and in particular, legal fees. It is our position that the agreement for the payment of legal fees is a matter between a lawyer and his or her client and that publication of those fees to third parties cannot be required by the IDFPR.

It is our hope that the Department will consider the comments and questions in ATG's attached email and make appropriate modifications to the form and provide guidance where appropriate.

We will keep you posted of any developments as they occur. Until further notice, Illinois agents should continue to use the old form.