Illinois General Assembly - Bill Status for SB0207
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 Bill Status of SB0207  102nd General Assembly


Short Description:  TITLE INSURANCE ACT-VARIOUS

Senate Sponsors
Sen. Omar Aquino

Last Action
DateChamber Action
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
215 ILCS 155/3from Ch. 73, par. 1403
215 ILCS 155/5from Ch. 73, par. 1405
215 ILCS 155/12from Ch. 73, par. 1412
215 ILCS 155/14from Ch. 73, par. 1414
215 ILCS 155/16from Ch. 73, par. 1416
215 ILCS 155/18from Ch. 73, par. 1418
215 ILCS 155/18.2 new
215 ILCS 155/21from Ch. 73, par. 1421
215 ILCS 155/19 rep.


Synopsis As Introduced
Amends the Title Insurance Act. Provides that it is unlawful for any person or legal entity to act as or hold itself out to be a title insurance agent without procuring a title insurance license from the Secretary of Financial and Professional Regulation. Provides that every title insurance agent shall pay specified fees. Provides requirements concerning eligibility for title insurance licensure. Grants the Department of Financial and Professional Regulation rulemaking authority for alternate methods of obtaining errors and omissions insurance. Provides requirements concerning rate and service fee filing requirements. Provides that the Secretary shall examine rating organizations at least once every 5 years. Provides that the Secretary may impose a penalty of not more than $5,000 for willful violations of the Act. Provides that the Secretary shall submit a report to the Governor and General Assembly no later than January 1, 2027 regarding separate filings for multiple geographic zones. Provides grounds by which the Secretary may refuse to grant, or suspend or revoke any license issued under the Act or impose a fine. Repeals a provision concerning the Secretary's authority to adjust certain fees. Makes other changes. Effective immediately, except the provisions concerning rate and service fee filing requirements take effect September 1, 2022.

Actions 
DateChamber Action
  2/17/2021SenateFiled with Secretary by Sen. Omar Aquino
  2/17/2021SenateFirst Reading
  2/17/2021SenateReferred to Assignments
  2/24/2021SenateAssigned to Judiciary
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

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