92nd General Assembly
Summary of SB0887
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Status
Senate Sponsors:
GEO-KARIS-O'MALLEY.

House Sponsors:
RYDER-OSMOND

Short description: 
TITLE INSURERS RECEIVERSHIP                                                

Synopsis of Bill as introduced:
        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.                                                         
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   3     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status