Illinois General Assembly - Bill Status for SB2718
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 Bill Status of SB2718  94th General Assembly

Short Description:  INS-TITLE INS ACT

Senate Sponsors
Sen. Don Harmon

House Sponsors
(Rep. John A. Fritchey and Karen A. Yarbrough)

Last Action
DateChamber Action
  6/20/2006SenatePublic Act . . . . . . . . . 94-0893

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. Makes changes to definitions of "title insurance business", "title insurance", "title insurance company", "Escrow Agent", and "Independent Escrowee". 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". 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 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 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 that the Secretary may impose a fine for a violation of the Act. 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. Makes other changes. Effective immediately.

DateChamber Action
  1/20/2006SenateFiled with Secretary by Sen. Don Harmon
  1/20/2006SenateFirst Reading
  1/20/2006SenateReferred to Rules
  2/8/2006SenateAssigned to Insurance
  2/15/2006SenateDo Pass Insurance; 009-000-000
  2/15/2006SenatePlaced on Calendar Order of 2nd Reading February 16, 2006
  2/16/2006SenateSecond Reading
  2/16/2006SenatePlaced on Calendar Order of 3rd Reading February 22, 2006
  2/22/2006SenateThird Reading - Passed; 057-000-000
  2/22/2006HouseArrived in House
  2/22/2006HousePlaced on Calendar Order of First Reading
  2/23/2006HouseChief House Sponsor Rep. John A. Fritchey
  2/23/2006HouseFirst Reading
  2/23/2006HouseReferred to Rules Committee
  3/8/2006HouseAssigned to Insurance Committee
  3/13/2006HouseAdded Alternate Co-Sponsor Rep. Karen A. Yarbrough
  3/14/2006HouseDo Pass / Short Debate Insurance Committee; 015-000-000
  3/14/2006HousePlaced on Calendar 2nd Reading - Short Debate
  3/15/2006HouseSecond Reading - Short Debate
  3/15/2006HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/23/2006HouseThird Reading - Short Debate - Passed 110-000-002
  3/23/2006SenatePassed Both Houses
  4/21/2006SenateSent to the Governor
  6/20/2006SenateGovernor Approved
  6/20/2006SenateEffective Date June 20, 2006
  6/20/2006SenatePublic Act . . . . . . . . . 94-0893

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