Illinois General Assembly - Bill Status for SB4023
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 Bill Status of SB4023  102nd General Assembly


Short Description:  INS-TITLE INSURANCE/VARIOUS

Senate Sponsors
Sen. Omar Aquino

Last Action
DateChamber Action
  1/21/2022SenateReferred 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 155/17from Ch. 73, par. 1417
215 ILCS 155/18from Ch. 73, par. 1418
215 ILCS 155/18.2 new
215 ILCS 155/19from Ch. 73, par. 1419
215 ILCS 155/21from Ch. 73, par. 1421


Synopsis As Introduced
Amends the Title Insurance Act. Provides that it is unlawful for any person, firm, partnership, association, corporation, or other legal entity to act as or hold itself out to be a title insurance agent without first procuring a license from the Secretary of Financial and Professional Regulation. Provides that the Secretary or the Secretary's authorized representative shall have the power and authority to compel an independent escrowee's compliance with the provisions of the Act. Provides that every title insurance agent shall pay specified fees. Provides that the Secretary may require participation in a third-party, multi-state licensing system. Sets forth additional title insurance licensing requirements for applicants. Provides that a title insurance license shall be renewed every 2 years (rather than annually). Sets forth provisions concerning premiums and endorsement charges. Provides that the Secretary may refuse to grant, and may suspend or revoke, any certificate of authority, registration, or license or may impose a fine if he or she determines that the holder of or applicant for such certificate, registration, or license has engaged in specified acts. Removes language that provides that expenses incurred in the course of such examinations will be the responsibility of the title insurance company, and that if a present or former registered agent or its successor refuses or is unable to cooperate with a title insurance company in furnishing the records requested by the Secretary or his or her authorized agent, then the Secretary or his or her authorized agent shall have the power and authority to obtain those records directly from the registered agent. Makes other changes. Defines terms. Effective January 1, 2023.

Actions 
DateChamber Action
  1/21/2022SenateFiled with Secretary by Sen. Omar Aquino
  1/21/2022SenateFirst Reading
  1/21/2022SenateReferred to Assignments

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