Sen. Don Harmon

Filed: 4/4/2014

 

 


 

 


 
09800SB0645sam001LRB098 04894 JLS 57865 a

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.)".