92nd General Assembly
Status of SB0887
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GEO-KARIS-O'MALLEY.

(RYDER-OSMOND)

   215 ILCS 155/4            from Ch. 73, par. 1404                            
   215 ILCS 155/5            from Ch. 73, par. 1405                            
   215 ILCS 155/9            from Ch. 73, par. 1409                            
   215 ILCS 155/11           from Ch. 73, par. 1411                            
   215 ILCS 155/12           from Ch. 73, par. 1412                            
   215 ILCS 155/13           from Ch. 73, par. 1413                            
   215 ILCS 155/14           from Ch. 73, par. 1414                            
   215 ILCS 155/16           from Ch. 73, par. 1416                            
   215 ILCS 155/17           from Ch. 73, par. 1417                            
   215 ILCS 155/21           from Ch. 73, par. 1421                            
   215 ILCS 155/21.1 new                                                       
   215 ILCS 155/23           from Ch. 73, par. 1423                            

        Amends the  Title  Insurance  Act.   Increases  the  surety  bond      
   required  before  a  company  may transact a title insurance business.      
   Increases penalties for transacting business  with  impaired  capital.      
   Increases  maximum  annual fees.  Authorizes the Director of Financial      
   Institutions to impose fines for violations of the  Act.   Establishes      
   procedures  for  the  liquidation  and receivership of title insurers.      
   Sets forth  powers  of  the  Director  and  receiver  and  establishes      
   priority of claims.  Effective January 1, 2002.                             
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          215 ILCS 155/6                  from Ch. 73, par. 1406               
          215 ILCS 155/21.2 new                                                
          215 ILCS 155/21.3 new                                                
          215 ILCS 155/25                 from Ch. 73, par. 1425               
        Replaces everything after the  enacting  clause.   Reinserts  the      
   bill  substantially  as  introduced.   Increases  the deposit and bond      
   requirements.  Requires a title insurer to retain  a  portion  of  the      
   primary liability on policies it issues.  Provides that title insurers      
   must  share  liability for claims arising out of certain acts of their      
   agents.  Establishes the  manner  of  giving  notice  under  the  Act.      
   Requires  insurers to retain records for at least 5 years.  Authorizes      
   the Director of Financial Institutions to impose civil  penalties  for      
   violations.  Provides that intentional violations of the Act are petty      
   offenses rather than business offenses.  Effective January 1, 2002.         
        HOUSE AMENDMENT NO. 2.                                                 
        Provides that the amount of annual license fees  shall  be  based      
   upon  the  number  of  policies  insuring title to real estate in this      
   State issued by a company or any of its agents.  Provides that certain      
   fees are  to  be  collected  from  the  person  purchasing  the  title      
   insurance policy.                                                           
        HOUSE AMENDMENT NO. 3.                                                 
        Provides that the $1.25 per policy fee shall be remitted  to  the      
   Department  of  Financial  Institutions beginning April 1, 2003 rather      
   than April 1, 2002.                                                         
   FEB-21-2001  S  FIRST READING                                                  
   FEB-21-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               JUDICIARY             
   MAR-07-2001  S       DO PASS                             010-000-001   SJUD    
   MAR-07-2001  S  PLACED ON CALENDAR ORDER OF 2ND READING  01-03-08              
   MAR-30-2001  S  SECOND READING                                                 
   MAR-30-2001  S  PLACED ON CALENDAR ORDER OF 3RD READING  01-04-02              
   APR-03-2001  S  THIRD READING - PASSED                   052-000-002           
   APR-03-2001  H  ARRIVE IN HOUSE                                                
   APR-03-2001  H  HOUSE SPONSOR                            TENHOUSE              
   APR-03-2001  H  PLACED CALENDAR ORDER OF FIRST READING                         
   APR-04-2001  H  FIRST READING                                                  
   APR-04-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   APR-04-2001  H  ALTERNATE PRIMARY SPONSOR CHANGED TO     RYDER                 
   APR-04-2001  H  ADDED AS A JOINT SPONSOR                 OSMOND                
   APR-06-2001  H       ASSIGNED TO COMMITTEE               JUD-CIVIL LAW         
   APR-18-2001  H       RE-ASSIGNED TO COMMITTEE            EXECUTIVE             
   MAY-03-2001  H                             AMENDMENT NO. 01-EXECUTIVE     H    
   MAY-03-2001  H                                   ADOPTED                       
   MAY-03-2001  H                             AMENDMENT NO. 02-EXECUTIVE     H    
   MAY-03-2001  H                                   ADOPTED                       
   MAY-03-2001  H  DO PASS AMENDED/SHORT DEBATE             013-000-000   HEXC    
   MAY-03-2001  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   MAY-08-2001  H                             AMENDMENT NO. 03-RYDER              
   MAY-08-2001  H                     AMENDMENT REFERRED TO HRUL                  
   MAY-08-2001  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   MAY-09-2001  H                             AMENDMENT NO. 03-RYDER              
   MAY-09-2001  H  RECOMMENDS BE ADOPTED                    HRUL/003-000-000      
   MAY-09-2001  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   MAY-16-2001  H  SECOND READING-SHORT DEBATE                                    
   MAY-16-2001  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   MAY-18-2001  H  3RD RDG. DEADLINE EXTENDED-RULE          9(B)- MAY 25, 2001    
   MAY-18-2001  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   MAY-21-2001  H                             AMENDMENT NO. 03-RYDER              
   MAY-21-2001  H                                   ADOPTED                       
   MAY-21-2001  H  PLCD CAL ORDER 3RD READING-SHORT DEBATE                        
   MAY-23-2001  H  THIRD READING/SHORT DEBATE/PASSED        065-042-007           
   MAY-23-2001  S  SECRETARYS DESK - CONCURRENCE            01,02,03              
   MAY-24-2001  S  FILED WITH SECRETARY                                           
   MAY-24-2001  S     MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02,03/GEO-KARIS    
   MAY-24-2001  S                        MOTION REFERRED TO SRUL                  
   MAY-24-2001  S     MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02,03/GEO-KARIS    
   MAY-24-2001  S                           RULES REFERS TO SJUD                  
   MAY-25-2001  S  FILED WITH SECRETARY                                           
   MAY-25-2001  S    MOTION NON-CONCUR - HOUSE AMENDMENT NO 01,02,03/GEO-KARIS    
   MAY-25-2001  S     MOTION TO CONCUR - HOUSE AMENDMENT NO 01,03/GEO-KARIS       
   MAY-25-2001  S             BE APPROVED FOR CONSIDERATION SJUD/007-000-001      
   MAY-25-2001  S     MOTION TO CONCUR - HOUSE AMENDMENT NO 02/GEO-KARIS          
   MAY-25-2001  S                         HELD IN COMMITTEE SJUD                  
   MAY-29-2001  S    MOTION NON-CONCUR - HOUSE AMENDMENT NO 01,02,03/GEO-KARIS    
   MAY-29-2001  S  SEN NON-CONCURS IN HSE AMENDMENTS (NO.)  01,02,03              
   MAY-29-2001  H  ARRIVE IN HOUSE                                                
   MAY-29-2001  H  PLACED CALENDAR ORDER NON-CONCURRENCE    01,02,03              
   MAY-31-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  S  SESSION SINE DIE                                               

   END OF INQUIRY 



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