Bill Status of SB 3712   97th General Assembly

Short Description:  TITLE INS-AGENTS-REGISTRATION

Senate Sponsors
Sen. Iris Y. Martinez-Jacqueline Y. Collins-Mattie Hunter

House Sponsors
(Rep. Linda Chapa LaVia)


Last Action  View All Actions

DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 155/16from Ch. 73, par. 1416
215 ILCS 155/21from Ch. 73, par. 1421

Synopsis As Introduced
Amends the Title Insurance Act. Excludes a limited liability company from the requirement that every title insurance agent registration applicant must be 18 years or more of age. Provides that included in every application for registration by a title insurance company, including a firm, partnership, association, limited liability company, or corporation, shall be an affidavit, signed and notarized in front of a notary public, affirming that the applicant and any owner, officer, director, principal, member, or manager has never been convicted or pled guilty to any felony or misdemeanor involving a crime of theft or dishonesty. Provides that no person who has had a conviction or pled guilty to any felony or misdemeanor involving theft or dishonesty shall be registered by a title insurance company, and no such person may serve as an owner, officer, director, principal, or manager of any registered title insurance agent. Includes additional factors whereby the Secretary of Financial and Professional Regulation may refuse to grant or may suspend or revoke any certificate of authority, registration, or license issued pursuant to the Act or impose a fine for a violation of the Act. Effective January 1, 2013.

Senate Committee Amendment No. 1
Provides that included in every application for registration of a title insurance agent (instead of by a title insurance company), including a firm, partnership, association, limited liability company, or corporation, shall be an affidavit of the applicant title insurance agent (instead of an affidavit), signed and notarized in front of a notary public, affirming that the applicant and every (instead of any) owner, officer, director, principal, member, or manager of the applicant (instead of manager) has never been convicted or pled guilty to any felony or misdemeanor involving a crime of theft or dishonesty. Provides that no person who has had a conviction or pled guilty to any felony or misdemeanor involving theft or dishonesty may (instead of shall) be registered by a title insurance company. Provides that the Secretary of Financial and Professional Regulation may take certain regulatory action if the Secretary determines that the holder or applicant has knowingly failed (instead of failed) to account for or remit certain moneys or documents.

Actions 
DateChamber Action
  2/10/2012SenateFiled with Secretary by Sen. Iris Y. Martinez
  2/10/2012SenateFirst Reading
  2/10/2012SenateReferred to Assignments
  2/24/2012SenateAssigned to Financial Institutions
  2/27/2012SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Iris Y. Martinez
  2/27/2012SenateSenate Committee Amendment No. 1 Referred to Assignments
  2/27/2012SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/1/2012SenateSenate Committee Amendment No. 1 Adopted
  3/1/2012SenateDo Pass as Amended Financial Institutions; 010-000-000
  3/1/2012SenatePlaced on Calendar Order of 2nd Reading March 6, 2012
  3/1/2012SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  3/8/2012SenateSecond Reading
  3/8/2012SenatePlaced on Calendar Order of 3rd Reading March 21, 2012
  3/22/2012SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter
  3/22/2012SenateThird Reading - Passed; 052-000-001
  3/22/2012HouseArrived in House
  3/22/2012HouseChief House Sponsor Rep. Linda Chapa LaVia
  3/22/2012HousePlaced on Calendar Order of First Reading
  3/23/2012HouseFirst Reading
  3/23/2012HouseReferred to Rules Committee
  1/8/2013SenateSession Sine Die

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