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Public Act 096-0274
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| HB2351 Enrolled |
LRB096 07234 AJO 17320 b |
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Registered Titles (Torrens) Act is amended |
by changing Section 102.1 as follows:
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(765 ILCS 35/102.1)
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Sec. 102.1. Excess funds.
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(a) The county board may determine that monies in excess of |
the funds
necessary to satisfy judgments obtained or claims |
allowed against the indemnity
fund
exist in the indemnity fund. |
In determining whether an excess of
monies exists, the county |
shall seek such input and gather such information as
is |
necessary to assist the county in making the determination. The |
input and
information shall include an actuarial study, or such |
other studies, input, or
data the county deems appropriate, |
whether undertaken at the direction of the
county or by third |
parties in connection with the bidding for or offering of
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insurance to cover the county's obligations under this
Act. If |
the county incurs any expense in gathering the information,
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including the actuarial study, the costs shall be paid from the
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indemnity fund.
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(b) The county may purchase private insurance to meet the |
county's
obligations under this Act. If the county does
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purchase such insurance, the cost of the insurance shall be |
paid out of the
indemnity fund.
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(c) If the county determines that an excess of monies |
exists in the
indemnity fund, the county may transfer the |
excess monies to a lead poisoning
prevention fund, and may |
expend the monies in accordance with the provisions
of Section |
102.2 of this Act.
The county may also transfer and expend |
excess indemnity fund monies for the
benefit of
owners of real |
property in the county as the county deems appropriate, |
provided
that at least 50% of the aggregate of monies that have |
been deemed to be excess
monies have been transferred to the |
lead poisoning prevention fund. The county
may not expend any |
excess indemnity fund monies for any purpose other than lead
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poisoning prevention until it has first designed, implemented, |
and started
making loan or grant payments under the lead |
poisoning prevention program
as provided in Section 102.2.
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(d) Upon the statutory expiration of all potential |
indemnity fund
claims, any monies remaining in the indemnity |
fund shall be deemed to be excess
monies and shall be expended |
in accordance with the provisions of this
Section.
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(e) This amendatory Act of the 96th General Assembly does |
not preempt, rescind, modify, or revise any local, State, or |
federal laws or rules governing lead paint mitigation or |
abatement or lead poisoning prevention. |
(Source: P.A. 90-778, eff. 8-14-98.)
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Section 99. Effective date. This Act takes effect upon |