Settlement Reached between Illinois Real Estate Lawyers Association and Illinois Department of Financial and Professional Regulation

The Illinois Real Estate Lawyers Assocation (IRELA) and the Illinois Department of Financial and Professional Regulation (IDFPR) recently reached an agreement regarding the IDFPR’s use of a new Disclosure of Financial Interest (DS-1) Form which was scheduled to go into effect on March 1, 2022. Since its adoption, the Illinois Title Insurance Act has required that a Disclosure of Financial Interest be made by any producer with a financial interest in the title insurance company, independent escrowee, or title insurance agent, to any party paying for the services of any entity to which they are referred. The disclosure is required to be made before the title insurance commitment is issued.

Under the agreement, the IDFPR shall not use, implement, require or enforce the DS-1 Form that was scheduled to go into efect on March 1, 2022; rather, it shall not require the use of any form for disclosure of financial interest other than the 1997 DS-1 Form titled “Disclosure Statement Controlled Business Arrangement” for at least the next 3 years. In addition, the IDFPR will not enforce the use of the 1997 DS-1 Form if the only interest a producer of title insurance has is the receipt of a percentage of the premium for the transaction at issue, or any other interest that is not an ownership interest, legal or beneficial.

For all your real estate needs, reach out to our real estate attorneys at [email protected] or call (708) 576-1624.

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