Synopsis As Introduced Amends the Illinois Securities Law of 1953. Includes certain agents of title insurance companies and registered broker-dealers and registered investment advisors within the scope of the term "qualified escrowee". With respect to certain exempt transactions, removes a requirement that the dealer be organized under Illinois Law, authorizes the payment of finders fees, and make other changes. Permits an Internet Portal to accept equity as payment if specified conditions are met.
House Committee Amendment No. 1 Replaces everything after the enacting clause with provisions substantially similar to the introduced bill with certain changes. Provides that a law firm may act as a qualified escrowee. Provides that actions authorized pursuant to an interpretive letter issued by the Securities and Exchange Commission are permitted.
Senate Floor Amendment No. 2 Provides that in addition to other requirements, a qualified escrowee that is an agent or affiliate of a title insurance company must be one approved by such title insurance company to act under the Illinois Securities Law of 1953 and pursuant to the terms and requirements of the Title Insurance Act.