HB2351 Enrolled

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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  
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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 
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the funds
necessary to satisfy judgments obtained or claims 
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allowed against the indemnity
fund
exist in the indemnity fund.  
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In determining whether an excess of
monies exists, the county 
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shall seek such input and gather such information as
is 
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necessary to assist the county in making the determination.  The 
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input and
information shall include an actuarial study, or such 
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other studies, input, or
data the county deems appropriate, 
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whether undertaken at the direction of the
county or by third 
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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 
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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 
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county's
obligations under this Act.  If the county does

 


 






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purchase such insurance, the cost of the insurance shall be 
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paid out of the
indemnity fund.

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    (c) If the county determines that an excess of monies 
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exists in the
indemnity fund, the county may transfer the 
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excess monies to a lead poisoning
prevention fund, and may 
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expend the monies in accordance with the provisions
of Section 
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102.2 of this Act.
The county may also transfer and expend 
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excess indemnity fund monies for the
benefit of
owners of real 
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property in the county as the county deems appropriate, 
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provided
that at least 50% of the aggregate of monies that have 
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been deemed to be excess
monies have been transferred to the 
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lead poisoning prevention fund.  The county
may not expend any 
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excess indemnity fund monies for any purpose other than lead

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poisoning prevention until it has first designed, implemented, 
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and started
making loan or grant payments under the lead 
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poisoning prevention program
as provided in Section 102.2.

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    (d) Upon the statutory expiration of all potential 
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indemnity fund
claims, any monies remaining in the indemnity 
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fund shall be deemed to be excess
monies and shall be expended 
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in accordance with the provisions of this
Section.

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    (e) This amendatory Act of the 96th General Assembly does 
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not preempt, rescind, modify, or revise any local, State, or 
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federal laws or rules governing lead paint mitigation or 
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abatement or lead poisoning prevention. 
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(Source: P.A. 90-778, eff. 8-14-98.)

 

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    Section 99. Effective date. This Act takes effect upon 
 


 






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becoming law.