Bill Status of HB 3464   94th General Assembly

Short Description:  INS-TITLE INS ACT

House Sponsors
Rep. John A. Fritchey-Randall M. Hultgren-Joseph M. Lyons

Senate Sponsors
(Sen. Don Harmon-Kirk W. Dillard)


Last Action  View All Actions

DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 155/2from Ch. 73, par. 1402
215 ILCS 155/3from Ch. 73, par. 1403
215 ILCS 155/4from Ch. 73, par. 1404
215 ILCS 155/4.1 new
215 ILCS 155/5from Ch. 73, par. 1405
215 ILCS 155/6from Ch. 73, par. 1406
215 ILCS 155/7from Ch. 73, par. 1407
215 ILCS 155/8from Ch. 73, par. 1408
215 ILCS 155/9from Ch. 73, par. 1409
215 ILCS 155/10from Ch. 73, par. 1410
215 ILCS 155/11from Ch. 73, par. 1411
215 ILCS 155/12from Ch. 73, par. 1412
215 ILCS 155/13from Ch. 73, par. 1413
215 ILCS 155/14from Ch. 73, par. 1414
215 ILCS 155/14.1
215 ILCS 155/15from Ch. 73, par. 1415
215 ILCS 155/16from Ch. 73, par. 1416
215 ILCS 155/17from Ch. 73, par. 1417
215 ILCS 155/18from Ch. 73, par. 1418
215 ILCS 155/19from Ch. 73, par. 1419
215 ILCS 155/20from Ch. 73, par. 1420
215 ILCS 155/21from Ch. 73, par. 1421
215 ILCS 155/21.1 new
215 ILCS 155/21.2 new
215 ILCS 155/21.3 new
215 ILCS 155/22from Ch. 73, par. 1422
215 ILCS 155/23from Ch. 73, par. 1423
215 ILCS 155/24from Ch. 73, par. 1424
215 ILCS 155/25from Ch. 73, par. 1425

Synopsis As Introduced
Amends the Title Insurance Act. Adds a definition of "monoline insurance". Makes changes in provisions concerning deposits, the requirement of a certificate of authority, reinsurance, impairment of capital, discontinuance of issuance of new policies, reserves, the statutory premium reserve, examinations, annual statements, fees, independent escrowees, referral payments and kickbacks, regulatory actions, and violations and penalties. Provides that title insurance agents acting as escrow agents must deposit funds in separate fiduciary accounts unless instructed otherwise. Provides that the funds will not be subject to any debts of the escrowee and can be used only in accordance with the terms of acceptance. Provides that a title insurance agent not qualified as an independent escrowee may act in the capacity of an escrow agent in certain circumstances. Provides standards for receivers and involuntary liquidation. Requires the Secretary of Financial and Professional Regulation to provide notice for any action. Provides that the notice must be made personally or by registered or certified mail, and by telephone facsimile or electronic mail, or regular mail. Requires title insurance companies to retain certain records. Effective immediately.

House Amendment No. 1
Replaces everything after the enacting clause with the bill as introduced with the following changes. Makes changes to the definition of "title insurance" and deletes a definition of "monoline insurance". Changes the definition of "Department" to mean the Department of Financial and Professional Regulation. Replaces references to the Director of Financial Institutions with Secretary of Financial and Professional Regulation and makes corresponding changes to the definition of "Director". Provides that changes made to a Section concerning reinsurance apply only to policies issued on or after the effective date of the amendatory Act. Provides that a title insurance company may continue to issue policies and perform other actions that are required to complete contractual obligations entered into prior to receiving notice from the Secretary to discontinue doing business until its capital has been made good. Requires title insurance companies to maintain reserves for losses independent of any other form of insurance and prohibits the issuance of other lines of insurance. Provides that the Secretary may impose a fine for a violation of the Act. Makes other changes. Effective immediately.

House Amendment No. 2
With respect to the definition of "Independent Escrowee", restores the provision that states that real estate brokers licensed pursuant to the Real Estate License Act of 2000 are exempt from the escrow provisions of the Title Insurance Act (rather than exempting them from the provisions of the Act only when they are acting pursuant to a listing or sale agreement).

Actions 
DateChamber Action
  2/23/2005HouseFiled with the Clerk by Rep. John A. Fritchey
  2/23/2005HouseFirst Reading
  2/23/2005HouseReferred to Rules Committee
  3/1/2005HouseAssigned to Executive Committee
  3/8/2005HouseAdded Chief Co-Sponsor Rep. Randall M. Hultgren
  3/8/2005HouseAdded Chief Co-Sponsor Rep. Joseph M. Lyons
  3/10/2005HouseRule 19(a) / Re-referred to Rules Committee
  5/16/2005HouseCommittee/Final Action Deadline Extended-9(b) May 31, 2005
  5/16/2005HouseAssigned to Judiciary I - Civil Law Committee
  5/17/2005HouseMotion to Suspend Rule 25 - Prevailed
  5/19/2005HouseHouse Amendment No. 1 Filed with Clerk by Judiciary I - Civil Law Committee
  5/19/2005HouseHouse Amendment No. 2 Filed with Clerk by Judiciary I - Civil Law Committee
  5/19/2005HouseHouse Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote
  5/19/2005HouseHouse Amendment No. 2 Adopted in Judiciary I - Civil Law Committee; by Voice Vote
  5/19/2005HouseDo Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 013-000-001
  5/19/2005HousePlaced on Calendar 2nd Reading - Short Debate
  5/20/2005HouseSecond Reading - Short Debate
  5/20/2005HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/24/2005HouseThird Reading - Short Debate - Passed 112-000-003
  5/25/2005SenateArrive in Senate
  5/25/2005SenatePlaced on Calendar Order of First Reading May 26, 2005
  5/25/2005SenateChief Senate Sponsor Sen. Don Harmon
  5/25/2005SenateFirst Reading
  5/25/2005SenateReferred to Rules
  5/26/2005SenateAdded as Alternate Chief Co-Sponsor Sen. Kirk W. Dillard
  1/9/2007HouseSession Sine Die

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