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| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 003 ] |
90_HB0922sam001
LRB9003802JSgcam01
1 AMENDMENT TO HOUSE BILL 922
2 AMENDMENT NO. . Amend House Bill 922 by replacing
3 the title with the following:
4 "AN ACT to amend the Title Insurance Act by changing
5 Section 17 and adding Section 13.5."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Title Insurance Act is amended by
9 changing Section 17 and adding Section 13.5 as follows:
10 (215 ILCS 155/13.5 new)
11 Sec. 13.5. Fees; disclosure to the Department.
12 (a) Title insurance companies and title insurance
13 agencies must file with the Department a disclosure of the
14 fees charged for each service or product, other than services
15 and products related to builder's and developer's new
16 construction projects, provided by the company or agency for
17 residential and commercial transactions. A title insurance
18 company or title insurance agency may not charge or collect a
19 fee in an amount different than the amount of the fee filed
20 with the Department.
21 (b) If a title insurance company or title insurance
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1 agency desires to change the amount of a fee or impose an
2 additional fee, the company or agency must file with the
3 Department a disclosure of the changed or added fee. A title
4 insurance company or title insurance agency may not charge or
5 collect a changed or added fee until the disclosure of that
6 fee has been on file for 60 days.
7 (215 ILCS 155/17) (from Ch. 73, par. 1417)
8 Sec. 17. Independent escrowees.
9 (a) Every independent escrowee shall be subject to the
10 same certification and deposit requirements to which title
11 insurance companies are subject under Section 4 of this Act.
12 (b) No person, firm, corporation or other legal entity
13 shall hold itself out to be an independent escrowee unless it
14 has been issued a certificate of authority by the Director.
15 (c) Every applicant for a certificate of authority,
16 except a firm, partnership, association or corporation, must
17 be 18 years or more of age.
18 (d) Every certificate of authority shall remain in
19 effect one year unless revoked or suspended by the Director
20 or voluntarily surrendered by the holder.
21 (e) An independent escrowee may engage in the escrow,
22 settlement, or closing business, or any combination of such
23 business, and operate as an escrow, settlement, or closing
24 agent, provided that:
25 (1) Funds deposited in connection with any escrow,
26 settlement, or closing shall be deposited in a separate
27 fiduciary trust account or accounts in a bank or other
28 financial institution insured by an agency of the federal
29 government unless the instructions provide otherwise.
30 Such funds shall be the property of the person or persons
31 entitled thereto under the provisions of the escrow,
32 settlement, or closing and shall be segregated by escrow,
33 settlement or closing in the records of the independent
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1 escrowee. Such funds shall not be subject to any debts
2 of the escrowee and shall be used only in accordance with
3 the terms of the individual escrow, settlement or closing
4 under which the funds were accepted.
5 (2) Interest received on funds deposited with the
6 independent escrowee in connection with any escrow,
7 settlement or closing shall be paid to the depositing
8 party unless the instructions provide otherwise.
9 (3) The independent escrowee shall maintain
10 separate records of all receipt and disbursement of
11 escrow, settlement or closing funds.
12 (4) The independent escrowee shall comply with any
13 rules or regulations promulgated by the Director
14 pertaining to escrow, settlement or closing transactions.
15 (f) The Director or his authorized representative shall
16 have the power and authority to visit and examine at any time
17 any independent escrowee certified under this Act and to
18 compel compliance with the provisions of this Act.
19 (g) A title insurance company or title insurance agent
20 may act in the capacity of an escrow agent and conduct escrow
21 services even if it is not issuing a title insurance
22 commitment or policy and is not qualified as an independent
23 escrowee. A title insurance agent may so act only when
24 specifically authorized in writing by a title insurance
25 company that has duly registered the agent with the Director
26 and only when notice of the authorization is provided to the
27 Director.
28 (Source: P.A. 86-239.)