Bill Status of HB 4869   96th General Assembly


Short Description:  TITLE INSURANCE-NAMED PARTIES

House Sponsors
Rep. Greg Harris

Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 155/25.5 new

Synopsis As Introduced
Amends the Title Insurance Act. Provides that, for each residential mortgage loan transaction involving residential real property in which a title insurance company, title insurance agent, or independent escrowee engages in handling of escrows, settlements, or closings, the title insurance company, title insurance agent, or independent escrowee may not disburse any proceeds of a residential mortgage loan until the title insurance company, title insurance agent, or independent escrowee has received from the person or entity making the residential mortgage loan, or any other person or entity to the transaction, the names and license or registration numbers, if applicable, of each financial institution, residential mortgage licensee, loan originator, loan processor, real estate appraiser, and real estate licensee involved in the residential mortgage loan transaction. Requires that the title insurance company, title insurance agent, or independent escrowee that disbursed the proceeds of a residential mortgage loan must file with the Secretary the names and license or registration numbers, if applicable, of each financial institution, residential mortgage licensee, loan originator, loan processor, real estate appraiser, and real estate licensee involved in the residential mortgage loan transaction. Provides that a title insurance company, title insurance agent, or independent escrowee may not be subject to any liability or be subject to disciplinary action for any inaccurate or false information contained in the disclosure if the inaccurate or false information is provided to the title insurance company, title insurance agent, or independent escrowee by the person or entity making a residential mortgage loan or any other person or entity to the residential loan transaction. Effective immediately.

Actions 
DateChamber Action
  1/13/2010HouseFiled with the Clerk by Rep. Greg Harris
  1/15/2010HouseFirst Reading
  1/15/2010HouseReferred to Rules Committee
  1/11/2011HouseSession Sine Die

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