Sen. Don Harmon
Filed: 11/16/2004
|
|||||||
| |||||||
| |||||||
1 | AMENDMENT TO HOUSE BILL 1002
| ||||||
2 | AMENDMENT NO. ______. Amend House Bill 1002 by replacing | ||||||
3 | everything after the enacting clause with the following:
| ||||||
4 | "Section 5. The Illinois Procurement Code is amended by | ||||||
5 | changing Section 20-60 and by adding Article 42.5 as follows:
| ||||||
6 | (30 ILCS 500/20-60)
| ||||||
7 | Sec. 20-60. Duration of contracts.
| ||||||
8 | (a) Maximum duration. A contract may be entered into for
| ||||||
9 | any period of time deemed
to be in the best interests of the | ||||||
10 | State but not
exceeding 10 years. The length of
a lease for | ||||||
11 | real property or capital improvements shall be in
accordance | ||||||
12 | with the provisions of
Section 40-25. The length of bond, | ||||||
13 | mortgage, or title insurance related to housing shall be in | ||||||
14 | accordance with the provisions of Section 42.5-25.
| ||||||
15 | (b) Subject to appropriation. All contracts made or entered
| ||||||
16 | into shall recite that they are
subject to termination and | ||||||
17 | cancellation in any year for which the
General Assembly fails | ||||||
18 | to make
an appropriation to make payments under the terms of | ||||||
19 | the contract.
| ||||||
20 | (Source: P.A. 90-572, eff. date - See Sec. 99-5.)
| ||||||
21 | (30 ILCS 500/Art. 42.5 heading new)
| ||||||
22 | ARTICLE 42.5. BOND AND TITLE INSURANCE FOR HOUSING |
| |||||||
| |||||||
1 | (30 ILCS 500/42.5-5 new)
| ||||||
2 | Sec. 42.5-5. Applicability. All policies of insurance for | ||||||
3 | mortgage or title insurance related to housing or bond | ||||||
4 | insurance for bonds issued to finance housing must be procured | ||||||
5 | in accordance with the provisions of this Article. | ||||||
6 | (30 ILCS 500/42.5-10 new)
| ||||||
7 | Sec. 42.5-10. Authority. State purchasing officers may | ||||||
8 | procure mortgage and title insurance related to housing or to | ||||||
9 | procure bond insurance for bonds issued to finance housing. | ||||||
10 | (30 ILCS 500/42.5-15 new)
| ||||||
11 | Sec. 42.5-15. Method of source selection. | ||||||
12 | (a) Except as provided in Sections 20-20, 20-25, and 20-30, | ||||||
13 | all contracts for title or bond insurance related to housing | ||||||
14 | shall be awarded by a request for qualification process in | ||||||
15 | accordance with Section 42.5-20. | ||||||
16 | (b) Mortgage insurance may be negotiated with private | ||||||
17 | insurers or governmental entities without using a public | ||||||
18 | bidding process. | ||||||
19 | (30 ILCS 500/42.5-20 new)
| ||||||
20 | Sec. 42.5-20. Request for qualification process. | ||||||
21 | (a) Bond insurance and title insurance shall be procured by | ||||||
22 | a request for qualification, except as provided in Section | ||||||
23 | 42.5-15. | ||||||
24 | (b) A request for qualification shall be issued and may | ||||||
25 | include: | ||||||
26 | (1) the type of bonds or property to be insured; | ||||||
27 | (2) the national reputation of the insurer; | ||||||
28 | (3) the capitalization of the insurer; and | ||||||
29 | (4) the rating of the insurer. | ||||||
30 | (c) Public notice of the request for qualification to | ||||||
31 | provide bond or title insurance shall be published in the |
| |||||||
| |||||||
1 | Illinois Procurement Bulletin at least 14 days before the date | ||||||
2 | set forth in the request for receipt of responses. | ||||||
3 | (d) The response to the request for qualification shall | ||||||
4 | consist of written information sufficient to show that the | ||||||
5 | respondent can meet minimum criteria set forth in the request. | ||||||
6 | The State purchasing officer may enter into discussions with | ||||||
7 | respondents for the purpose of clarifying State needs and the | ||||||
8 | information supplied by the respondents. | ||||||
9 | (e) Based upon the information received, the State | ||||||
10 | purchasing officer shall develop a list of vendors qualified to | ||||||
11 | issue bond and title insurance for the purchasing agency. A | ||||||
12 | notice of award shall be published in the Procurement Bulletin | ||||||
13 | listing all vendors qualified to provide the insurance for the | ||||||
14 | purchasing agency. | ||||||
15 | (f) When needed, the purchasing agency shall solicit bids | ||||||
16 | from each of the qualified vendors for the specific transaction | ||||||
17 | contemplated. Qualified vendors have 5 days to respond; | ||||||
18 | thereafter, an award must be made to the vendor with the lowest | ||||||
19 | bid. The list of prequalified vendors must be updated | ||||||
20 | periodically but in no event less than every 3 years. The | ||||||
21 | purchasing agency may amend its notice of award at any time to | ||||||
22 | delete those vendors that no longer meet its stated criteria. | ||||||
23 | (30 ILCS 500/42.5-25 new)
| ||||||
24 | Sec. 42.5-25. Length of term. | ||||||
25 | (a) The length of the bond insurance shall be for a period | ||||||
26 | equal to the maximum time the subject bonds may remain | ||||||
27 | outstanding. | ||||||
28 | (b) The length of the mortgage insurance shall be equal to | ||||||
29 | the term of the underlying mortgage. | ||||||
30 | (c) The title policy shall remain in effect for as long as | ||||||
31 | the purchasing agency owns or is a mortgagee of the subject | ||||||
32 | property.
|
| |||||||
| |||||||
1 | Section 99. Effective date. This Act takes effect January | ||||||
2 | 1, 2005.".
|