Sen. Don Harmon
Filed: 4/4/2014
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 645




2    AMENDMENT NO. ______. Amend Senate Bill 645 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The Title Insurance Act is amended  by changing 
5Section 12 as follows:
 



6    (215 ILCS 155/12)  (from Ch. 73, par. 1412)



7    Sec. 12. Examinations; compliance.


8    (a) The Secretary or his or her authorized representative 
9shall have
the power and authority, and it shall be his or her 
10duty, to cause to be visited
and examined annually any title 
11insurance company doing business under this
Act, and to verify 
12and compel compliance with the provisions of law governing it.

13    (b) The Secretary or his or her authorized agent shall have 
14power and authority to
compel compliance with the provisions of 
15this Act and shall, from time to time, visit and conduct 
16examinations of registered agents to ensure compliance with 
 
 
09800SB0645sam001- 2 -LRB098 04894 JLS 57865 a

1this Act and verify that proper internal controls are 
2maintained only upon the
showing of good cause, require any 
3title insurance company to take all legal means to obtain the

4appropriate records of its registered agents and make them 
5available for
examination at a time and place designated by the 
6Secretary.  Expenses incurred in
the course of such examinations 
7will be the responsibility of the title insurance
company. In 
8the event that a present or former registered agent or its 
9successor refuses or is unable to cooperate with a title 
10insurance company in furnishing the records requested by the 
11Secretary or his or her authorized agent, then the Secretary or 
12his or her authorized agent shall have the power and authority 
13to obtain those records directly from the registered agent.


14(Source: P.A. 94-893, eff. 6-20-06.)".