95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2828


 
Introduced 2/15/2008, by Sen. Iris Y. Martinez
 
SYNOPSIS AS INTRODUCED:
 		













215 ILCS 155/24.6 new











    Amends the Title Insurance Act. Provides that for each residential mortgage loan transaction in which a title insurance company, title insurance agent, or independent escrowee engages in title insurance business, the title insurance company, title insurance agent, or independent escrowee engaging in such business shall file with the Secretary of Financial and Professional Regulation, on a form prescribed by the Secretary, the names and license or registration numbers of each financial institution, residential mortgage licensee, loan originator, real estate appraiser, real estate licensee, and closing agent involved in the residential mortgage loan transaction. Provides that the form shall be filed with the Secretary no later than 7 days after the closing of the transaction.  Provides that a title insurance company, independent escrowee, or title insurance agent that makes reasonable efforts to comply with the provision shall not be subject to disciplinary action or liability arising from the completeness or accuracy of information contained in the disclosure. Makes other changes. Effective immediately.
















LRB095 19631 KBJ 45971 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB2828

LRB095 19631 KBJ 45971 b






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    AN ACT concerning regulation.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:



 
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    Section 5. The Title Insurance Act is amended  by adding 
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Section 24.6 as follows:
 
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    (215 ILCS 155/24.6  new)
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    Sec. 24.6. Named parties on transactions.
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    (a) For each residential mortgage loan transaction in which 
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a title insurance company, title insurance agent, or 
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independent escrowee engages in title insurance business, the 
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title insurance company, title insurance agent, or independent 
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escrowee engaging in such business shall file with the 
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Secretary, on a form prescribed by the Secretary that is no 
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longer than one 8.5 by 11 inch piece of paper or its electronic 
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equivalent, the names and license or registration numbers, if 
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applicable, of each financial institution, residential 
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mortgage licensee, loan originator, real estate appraiser, 
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real estate licensee, and closing agent involved in the 
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residential mortgage loan transaction. The form shall be filed 
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with the Secretary no later than 7 days after the closing of 
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the residential mortgage loan transaction.
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    (b) A title insurance company, independent escrowee, or 
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title insurance agent that makes reasonable efforts to comply 
 


 






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with this Section shall not be subject to disciplinary action 
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or liability arising from the completeness or accuracy of 
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information contained in the disclosure required by this 
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Section. Reasonable efforts may be established by a sworn 
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declaration by the title insurance company, independent 
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escrowee, or title insurance agent that all the information 
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contained in the disclosure is true and correct to the best of 
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the declarant's knowledge.
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    (c) If a title insurance company, independent escrowee, or 
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title insurance agent is unable to provide the Department with 
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complete and accurate information as a result of one or more 
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parties' failure to provide complete and accurate information 
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to the title insurance company, independent escrowee, or title 
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insurance agent, then the title insurance company, independent 
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escrowee, or title insurance agent shall include a statement 
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with its disclosure describing the efforts to obtain the 
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information and identifying the party or parties who failed to 
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provide the required information.
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    (d) The requirements of this Section apply to all 
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residential mortgage transactions involving properties in Cook 
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County that close on or after January 1, 2009.  The requirements 
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of this Section apply to all residential mortgage transactions 
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involving properties in the State of Illinois that close on or 
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after July 1, 2009.
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    (e) All information obtained by the Department pursuant to 
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this Section shall be exempt from disclosure under Section 
 


 






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7(1)(b)(iii) of the Freedom of Information Act.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.