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| [ Introduced ] | [ Senate Amendment 001 ] |
90_SB1240eng
215 ILCS 155/17 from Ch. 73, par. 1417
Amends the Title Insurance Act. Provides that title
insurance companies and agents may act as escrow agents even
if not issuing title insurance or qualified as an independent
escrowee. Effective immediately.
LRB9007953JSgc
SB1240 Engrossed LRB9007953JSgc
1 AN ACT to amend the Title Insurance Act by adding Section
2 16.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Title Insurance Act is amended by adding
6 Section 16.1 as follows:
7 (215 ILCS 155/16.1 new)
8 Sec. 16.1. Activity as escrow agent. A title insurance
9 company or title insurance agent, not qualified as an
10 independent escrowee, may act in the capacity of an escrow
11 agent when it is supplying an abstract of title,
12 grantor-grantee search, tract search, lien search, tax
13 assessment search, or other limited purpose search to the
14 parties to the transaction even if it is not issuing a title
15 insurance commitment or title insurance policy. A title
16 insurance agent may act as an escrow agent only when
17 specifically authorized in writing on forms prescribed by the
18 Director by a title insurance company that has duly
19 registered the agent with the Director and only when notice
20 of the authorization is provided to and receipt thereof is
21 acknowledged by the Director. The authority granted to a
22 title insurance agent may be limited or revoked at any time
23 by the title insurance company.
24 Section 99. Effective date. This Act takes effect upon
25 becoming law.