Illinois General Assembly - Bill Status for HB2702
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 Bill Status of HB2702  100th General Assembly

Short Description:  REGULATION-TECH

House Sponsors
Rep. Jay Hoffman - Michael P. McAuliffe - Jim Durkin, Anthony DeLuca, Michael J. Zalewski, Robert Rita, Lawrence Walsh, Jr., Marcus C. Evans, Jr., Emanuel Chris Welch, Jaime M. Andrade, Jr., Kelly M. Burke and John Cavaletto

Senate Sponsors
(Sen. Michael E. Hastings, James F. Clayborne, Jr., Bill Cunningham and John G. Mulroe)

Last Action
DateChamber Action
  9/8/2017HousePublic Act . . . . . . . . . 100-0485

Statutes Amended In Order of Appearance
225 ILCS 100/2from Ch. 111, par. 4802


Synopsis As Introduced
Amends the Podiatric Medical Practice Act of 1987. Makes a technical change in a Section concerning the short title.

House Committee Amendment No. 1
Deletes reference to:
225 ILCS 100/2
Adds reference to:
215 ILCS 155/3
215 ILCS 155/17.1 new

Replaces everything after the enacting clause. Amends the Title Insurance Act. Provides that the definition of "insured closing letter" or "closing protection letter" includes an undertaking given by a title insurance company or an independent escrowee to a party to a real property transaction which indemnifies the party against the intentional misconduct or errors in closing the real property transaction on the part of the title insurance company or independent escrowee. Provides that an independent escrowee is not authorized to act in a nonresidential real property transaction where the amount of settlement funds on deposit with the escrow agent is less than $2,000,000 or in a residential real property transaction unless as part of the same transaction closing protection letters protecting specified interests have been issued by the independent escrowee. Provides that the closing protection letter indemnify all parties to a real property transaction when losses arise out of certain circumstances. Provides that the indemnification under a closing protection letter may include limitations on the liability of the independent escrowee for certain circumstances. Provides that the Secretary of Financial and Professional Regulation shall adopt rules as may be required consistent with the federal Real Estate Settlement Procedures Act and provisions of the Act concerning referral fees and penalties. Effective immediately.

House Committee Amendment No. 2
In provisions concerning independent escrowee prohibitions and indemnification under a closing protection letter, provides that an independent escrowee that issues a closing protection letter shall file with and have approved by the Secretary of Financial and Professional Regulation proof of a fidelity bond in the minimum amount of $2,000,000. Makes other changes.

Senate Floor Amendment No. 1
Adds reference to:
215 ILCS 155/17from Ch. 73, par. 1417

Replaces everything after the enacting clause. Reinserts the provisions of the bill as engrossed. Makes changes to the definition of "insured closing letter". Further amends the Title Insurance Act. Provides that an independent escrowee may issue an insured closing letter if certain conditions are met. Requires the Secretary of Financial and Professional Regulation to adopt and amend rules for enforcement of the provisions consistent with certain federal and State laws. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/8/2017HouseFiled with the Clerk by Rep. Jay Hoffman
  2/8/2017HouseFirst Reading
  2/8/2017HouseReferred to Rules Committee
  2/22/2017HouseAssigned to Executive Committee
  3/15/2017HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman
  3/15/2017HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/21/2017HouseRe-assigned to Judiciary - Civil Committee
  3/21/2017HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee
  3/23/2017HouseTo Real & Personal Property Law Subcommittee
  3/28/2017HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman
  3/28/2017HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  3/28/2017HouseAdded Chief Co-Sponsor Rep. Jim Durkin
  3/29/2017HouseHouse Committee Amendment No. 2 Rules Refers to Judiciary - Civil Committee
  3/29/2017HouseRecommends Do Pass Subcommittee/ Judiciary - Civil Committee; 003-000-000
  3/29/2017HouseReported Back To Judiciary - Civil Committee;
  3/29/2017HouseHouse Committee Amendment No. 1 Adopted in Judiciary - Civil Committee; by Voice Vote
  3/29/2017HouseHouse Committee Amendment No. 2 Adopted in Judiciary - Civil Committee; by Voice Vote
  3/29/2017HouseDo Pass as Amended / Short Debate Judiciary - Civil Committee; 011-000-000
  3/29/2017HousePlaced on Calendar 2nd Reading - Short Debate
  4/24/2017HouseAdded Co-Sponsor Rep. Anthony DeLuca
  4/24/2017HouseAdded Chief Co-Sponsor Rep. Michael P. McAuliffe
  4/25/2017HouseAdded Co-Sponsor Rep. Michael J. Zalewski
  4/25/2017HouseAdded Co-Sponsor Rep. Robert Rita
  4/25/2017HouseAdded Co-Sponsor Rep. Lawrence Walsh, Jr.
  4/25/2017HouseAdded Co-Sponsor Rep. Marcus C. Evans, Jr.
  4/25/2017HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
  4/25/2017HouseAdded Co-Sponsor Rep. Jaime M. Andrade, Jr.
  4/26/2017HouseAdded Co-Sponsor Rep. Kelly M. Burke
  4/26/2017HouseSecond Reading - Short Debate
  4/26/2017HouseHeld on Calendar Order of Second Reading - Short Debate
  4/27/2017HouseAdded Co-Sponsor Rep. John Cavaletto
  4/28/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/28/2017HouseThird Reading - Short Debate - Passed 093-001-000
  5/2/2017SenateArrive in Senate
  5/2/2017SenatePlaced on Calendar Order of First Reading
  5/2/2017SenateChief Senate Sponsor Sen. Michael E. Hastings
  5/2/2017SenateFirst Reading
  5/2/2017SenateReferred to Assignments
  5/2/2017SenateAdded as Alternate Co-Sponsor Sen. James F. Clayborne, Jr.
  5/2/2017SenateAdded as Alternate Co-Sponsor Sen. Bill Cunningham
  5/5/2017SenateAssigned to Judiciary
  5/10/2017SenateAdded as Alternate Co-Sponsor Sen. John G. Mulroe
  5/12/2017SenateDo Pass Judiciary; 009-000-001
  5/12/2017SenatePlaced on Calendar Order of 2nd Reading May 15, 2017
  5/19/2017SenateSecond Reading
  5/19/2017SenatePlaced on Calendar Order of 3rd Reading May 22, 2017
  5/19/2017SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings
  5/19/2017SenateSenate Floor Amendment No. 1 Referred to Assignments
  5/22/2017SenateSenate Floor Amendment No. 1 Assignments Refers to Judiciary
  5/25/2017SenateSenate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 010-000-001
  5/26/2017SenateRecalled to Second Reading
  5/26/2017SenateSenate Floor Amendment No. 1 Adopted; Hastings
  5/26/2017SenatePlaced on Calendar Order of 3rd Reading
  5/26/2017SenateThird Reading - Passed; 050-000-001
  5/28/2017HouseArrived in House
  5/28/2017HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/28/2017HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Jay Hoffman
  5/28/2017HouseSenate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/29/2017HouseSenate Floor Amendment No. 1 Motion to Concur Rules Referred to Judiciary - Civil Committee
  5/30/2017HouseSenate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Judiciary - Civil Committee; 006-000-000
  6/25/2017HouseSenate Floor Amendment No. 1 House Concurs 099-000-000
  6/25/2017House3/5 Vote Required
  6/25/2017HouseHouse Concurs
  6/25/2017HousePassed Both Houses
  7/24/2017HouseSent to the Governor
  9/8/2017HouseGovernor Approved
  9/8/2017HouseEffective Date September 8, 2017
  9/8/2017HousePublic Act . . . . . . . . . 100-0485

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