Full Text of SB2510 96th General Assembly
SB2510sam001 96TH GENERAL ASSEMBLY
|
Sen. Iris Y. Martinez
Filed: 3/9/2010
|
|
09600SB2510sam001 |
|
LRB096 15490 RPM 38468 a |
|
| 1 |
| AMENDMENT TO SENATE BILL 2510
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 2510 by replacing | 3 |
| everything after the enacting clause with the following:
| 4 |
| "Section 5. The Title Insurance Act is amended by adding | 5 |
| Section 25.5 as follows: | 6 |
| (215 ILCS 155/25.5 new) | 7 |
| Sec. 25.5. Named parties on transactions. | 8 |
| (a) For each residential mortgage loan transaction | 9 |
| involving residential real property, as defined in this Act, in | 10 |
| which a title insurance company, title insurance agent, or | 11 |
| independent escrowee engages in handling of escrows, | 12 |
| settlements, or closings, the title insurance company, title | 13 |
| insurance agent, or independent escrowee may not disburse any | 14 |
| proceeds of a residential mortgage loan until the title | 15 |
| insurance company, title insurance agent, or independent | 16 |
| escrowee has received from the person or entity making the |
|
|
|
09600SB2510sam001 |
- 2 - |
LRB096 15490 RPM 38468 a |
|
| 1 |
| residential mortgage loan, or any other person or entity to the | 2 |
| transaction, the names and license or registration numbers, if | 3 |
| applicable, of each financial institution, residential | 4 |
| mortgage licensee, loan originator, real estate appraiser, and | 5 |
| real estate licensee involved in the residential mortgage loan | 6 |
| transaction. | 7 |
| (b) Within 7 days following the settlement date of a | 8 |
| residential mortgage loan transaction, the title insurance | 9 |
| company, title insurance agent, or independent escrowee that | 10 |
| disbursed the proceeds of the residential mortgage loan must | 11 |
| record as part of the mortgage a form that is no longer than | 12 |
| one 8.5 by 11 inch piece of paper or its electronic equivalent, | 13 |
| the names and license or registration numbers, if applicable, | 14 |
| of each financial institution, residential mortgage licensee, | 15 |
| loan originator, real estate appraiser, and real estate | 16 |
| licensee involved in the residential mortgage loan | 17 |
| transaction. | 18 |
| (c) A title insurance company, title insurance agent, or | 19 |
| independent escrowee may not be subject to any liability or be | 20 |
| subject to disciplinary action for any inaccurate or false | 21 |
| information contained in the disclosure required by this | 22 |
| Section if the inaccurate or false information is provided to | 23 |
| the title insurance company, title insurance agent, or | 24 |
| independent escrowee by the person or entity making a | 25 |
| residential mortgage loan, or any other person or entity to the | 26 |
| residential loan transaction, excluding employees or |
|
|
|
09600SB2510sam001 |
- 3 - |
LRB096 15490 RPM 38468 a |
|
| 1 |
| independent contractors of the title insurance company, title | 2 |
| insurance agent, or independent escrowee. | 3 |
| (d) A title insurance company, title insurance agent, or | 4 |
| independent escrowee that makes reasonable efforts to comply | 5 |
| with this Section shall not be subject to disciplinary action | 6 |
| for failing to comply with this Section. Reasonable efforts may | 7 |
| be established by a sworn declaration by the title insurance | 8 |
| company, independent escrowee, or title insurance agent that | 9 |
| all the information contained in the disclosure is true and | 10 |
| correct to the best of the declarant's knowledge.
| 11 |
| Section 99. Effective date. This Act takes effect upon | 12 |
| becoming law.".
|
|