Bill Status of SB 2786   95th General Assembly

Short Description:  TITLE INS-GOOD FUNDS

Senate Sponsors
Sen. Don Harmon

House Sponsors
(Rep. Robert S. Molaro)


Last Action  View All Actions

DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 155/26 new

Synopsis As Introduced
Amends the Title Insurance Act. Provides that a title insurance company, title insurance agent, or independent escrowee shall not make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts unless the funds in the aggregate amount of $50,000 or greater received from any single party to the transaction are wired funds unconditionally held by and irrevocably credited to the fiduciary trust account of the title insurance company, title insurance agent, or independent escrowee; are good funds as defined in the provision; or are collected funds as defined in the provision. Provides that a title insurance company or title insurance agent shall not make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts unless the funds in the amount of less than $50,000 received from any single party to the transaction are collected funds or good funds as defined in the provision. Provides that a lender or any other party to a transaction, using the closing or settlement services of a title insurance company, title insurance agent, or independent escrowee shall, at or before the time of closing or settlement, deliver its funds to the title insurance company, the title insurance agent, or the independent escrowee in the form as required by the provision. Effective January 1, 2009.

Senate Floor Amendment No. 1
Provides that the definition of "good funds" includes certain checks issued by a financial institution chartered under the laws of the U.S. or any state (now issued by a federally insured financial institution). Removes the requirement that a lender or any other party to a transaction, using the closing or settlement services of a title insurance company, title insurance agent, or independent escrowee, at or before the time of closing or settlement, deliver its funds to the title insurance company, the title insurance agent, or the independent escrowee in the form as required under the Title Insurance Act.

Actions 
DateChamber Action
  2/15/2008SenateFiled with Secretary by Sen. Don Harmon
  2/15/2008SenateFirst Reading
  2/15/2008SenateReferred to Rules
  3/5/2008SenateAssigned to Financial Institutions
  3/13/2008SenateDo Pass Financial Institutions; 008-000-000
  3/13/2008SenatePlaced on Calendar Order of 2nd Reading April 1, 2008
  4/1/2008SenateSecond Reading
  4/1/2008SenatePlaced on Calendar Order of 3rd Reading April 2, 2008
  4/11/2008SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon
  4/11/2008SenateSenate Floor Amendment No. 1 Referred to Rules
  4/15/2008SenateSenate Floor Amendment No. 1 Rules Refers to Financial Institutions
  4/16/2008SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 006-000-000
  4/17/2008SenateRecalled to Second Reading
  4/17/2008SenateSenate Floor Amendment No. 1 Adopted; Harmon
  4/17/2008SenatePlaced on Calendar Order of 3rd Reading
  4/17/2008SenateThird Reading - Passed; 051-000-002
  4/18/2008HouseArrived in House
  4/18/2008HousePlaced on Calendar Order of First Reading
  4/18/2008HouseChief House Sponsor Rep. Robert S. Molaro
  4/24/2008HouseFirst Reading
  4/24/2008HouseReferred to Rules Committee
  1/13/2009SenateSession Sine Die

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