SB2828eng 95TH GENERAL ASSEMBLY

SB2828 Engrossed LRB095 19631 KBJ 45971 b

AN ACT concerning regulation.

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

Section 5. The Title Insurance Act is amended by adding Section 24.6 as follows:

(215 ILCS 155/24.6 new)

Sec. 24.6. Named parties on transactions.

(a) 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, on a form prescribed by the Secretary that is no longer than one 8.5 by 11 inch piece of paper or its electronic equivalent, the names and license or registration numbers, if applicable, 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. The form shall be filed with the Secretary no later than 7 days after the closing of the residential mortgage loan transaction.

(b) A title insurance company, independent escrowee, or title insurance agent that makes reasonable efforts to comply with this Section shall not be subject to disciplinary action or liability arising from the completeness or accuracy of information contained in the disclosure required by this Section. Reasonable efforts may be established by a sworn declaration by the title insurance company, independent escrowee, or title insurance agent that all the information contained in the disclosure is true and correct to the best of the declarant's knowledge.

(c) If a title insurance company, independent escrowee, or title insurance agent is unable to provide the Department with complete and accurate information as a result of one or more parties' failure to provide complete and accurate information to the title insurance company, independent escrowee, or title insurance agent, then the title insurance company, independent escrowee, or title insurance agent shall include a statement with its disclosure describing the efforts to obtain the information and identifying the party or parties who failed to provide the required information.

(d) The requirements of this Section apply to all residential mortgage transactions involving properties in Cook County that close on or after January 1, 2009. The requirements of this Section apply to all residential mortgage transactions involving properties in the State of Illinois that close on or after July 1, 2009.

(e) All information obtained by the Department pursuant to this Section shall be exempt from disclosure under Section 7(1)(b)(iii) of the Freedom of Information Act.

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