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IDFPR, IRELA reach agreement on controlled business disclosure case
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Regulatory Updates
Friday, May 27, 2022
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The Illinois Department of Financial and Professional Regulation (IDFPR) and the Illinois Real Estate Lawyers Association (IRELA) agreed a new disclosure statement on controlled business arrangements, 2022 DS-1, intended to go into effect on March 1, 2022, will not be used. The IRELA had filed suit due to disputes regarding the department’s interpretation of the Title Insurance Act, the department’s scope of statutory authority and the department’s compliance with the Illinois Administrative Procedures Act.
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