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| 1 | AN ACT concerning regulation.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Title Insurance Act is amended by adding | ||||||
| 5 | Section 24.6 as follows: | ||||||
| 6 | (215 ILCS 155/24.6 new) | ||||||
| 7 | Sec. 24.6. Named parties on transactions. | ||||||
| 8 | (a) For each residential mortgage loan transaction in which | ||||||
| 9 | a title insurance company, title insurance agent, or | ||||||
| 10 | independent escrowee engages in title insurance business, the | ||||||
| 11 | title insurance company, title insurance agent, or independent | ||||||
| 12 | escrowee engaging in such business shall file with the | ||||||
| 13 | Secretary, on a form prescribed by the Secretary that is no | ||||||
| 14 | longer than one 8.5 by 11 inch piece of paper or its electronic | ||||||
| 15 | equivalent, the names and license or registration numbers, if | ||||||
| 16 | applicable, of each financial institution, residential | ||||||
| 17 | mortgage licensee, loan originator, real estate appraiser, | ||||||
| 18 | real estate licensee, and closing agent involved in the | ||||||
| 19 | residential mortgage loan transaction. The form shall be filed | ||||||
| 20 | with the Secretary no later than 7 days after the closing of | ||||||
| 21 | the residential mortgage loan transaction. | ||||||
| 22 | (b) A title insurance company, independent escrowee, or | ||||||
| 23 | title insurance agent that makes reasonable efforts to comply | ||||||
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| 1 | with this Section shall not be subject to disciplinary action | ||||||
| 2 | or liability arising from the completeness or accuracy of | ||||||
| 3 | information contained in the disclosure required by this | ||||||
| 4 | Section. Reasonable efforts may be established by a sworn | ||||||
| 5 | declaration by the title insurance company, independent | ||||||
| 6 | escrowee, or title insurance agent that all the information | ||||||
| 7 | contained in the disclosure is true and correct to the best of | ||||||
| 8 | the declarant's knowledge. | ||||||
| 9 | (c) If a title insurance company, independent escrowee, or | ||||||
| 10 | title insurance agent is unable to provide the Department with | ||||||
| 11 | complete and accurate information as a result of one or more | ||||||
| 12 | parties' failure to provide complete and accurate information | ||||||
| 13 | to the title insurance company, independent escrowee, or title | ||||||
| 14 | insurance agent, then the title insurance company, independent | ||||||
| 15 | escrowee, or title insurance agent shall include a statement | ||||||
| 16 | with its disclosure describing the efforts to obtain the | ||||||
| 17 | information and identifying the party or parties who failed to | ||||||
| 18 | provide the required information. | ||||||
| 19 | (d) The requirements of this Section apply to all | ||||||
| 20 | residential mortgage transactions involving properties in Cook | ||||||
| 21 | County that close on or after January 1, 2009. The requirements | ||||||
| 22 | of this Section apply to all residential mortgage transactions | ||||||
| 23 | involving properties in the State of Illinois that close on or | ||||||
| 24 | after July 1, 2009. | ||||||
| 25 | (e) All information obtained by the Department pursuant to | ||||||
| 26 | this Section shall be exempt from disclosure under Section | ||||||
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| 1 | 7(1)(b)(iii) of the Freedom of Information Act.
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| 2 | Section 99. Effective date. This Act takes effect upon | ||||||
| 3 | becoming law.
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