Full Text of SB0141 97th General Assembly
SB0141 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB0141 Introduced 1/27/2011, by Sen. Iris Y. Martinez SYNOPSIS AS INTRODUCED: |
| 215 ILCS 155/14 | from Ch. 73, par. 1414 | 215 ILCS 155/14.1 | | 215 ILCS 155/14.2 new | | 30 ILCS 105/5.786 new | |
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Amends the Title Insurance Act. Makes changes to the provision concerning fees paid by title insurance companies and
independent
escrowees. Creates a special income-earning fund, known as the Title Insurance Consumer Protection Fund, in the State Treasury. Sets forth the fees collected by the Department of Financial and Professional Regulation that shall be deposited in the Fund. Provides that money in the Fund shall be used solely for the purpose of providing restitution to consumers who have suffered monetary loss arising out of a transaction regulated by the Act. Provides that money in the Fund shall be subrogated to the amount of the restitution. Provides that money in the Fund may be transferred to the Professions Indirect Cost Fund. Amends the State Finance Act to create the Title Insurance Consumer Protection Fund. Makes other changes. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| 1 | | AN ACT concerning insurance.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Title Insurance Act is amended by changing | 5 | | Sections 14 and 14.1 and by adding Section 14.2 as follows:
| 6 | | (215 ILCS 155/14) (from Ch. 73, par. 1414)
| 7 | | Sec. 14. Fees.
| 8 | | (a)
Every title insurance company and
every independent
| 9 | | escrowee subject to this Act shall pay the following fees:
| 10 | | (1) for filing the original application for a | 11 | | certificate of authority
and receiving the deposit | 12 | | required under this Act, $500;
| 13 | | (2) for the certificate of authority, $10;
| 14 | | (3) for every copy of a paper filed in the Department | 15 | | under this Act,
$1 per folio;
| 16 | | (4) for affixing the seal of the Department and | 17 | | certifying a copy, $2; and
| 18 | | (5) for filing the annual statement, $50.
| 19 | | (b)
Each title insurance company shall pay, for all of its | 20 | | title
insurance agents subject to this Act for filing an annual | 21 | | registration of
its agents, an amount equal to $3 for each | 22 | | policy issued by
all
of its
agents
in the immediately preceding | 23 | | calendar year.
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| 1 | | (c) Each title insurance company shall pay, on or before | 2 | | February 1 of the following year, an amount equal to $3 for | 3 | | each policy directly issued by the title insurance company in | 4 | | the immediately preceding calendar year. | 5 | | (Source: P.A. 93-32, eff. 7-1-03; 94-893, eff. 6-20-06.)
| 6 | | (215 ILCS 155/14.1)
| 7 | | Sec. 14.1. Financial Institutions Fund.
All moneys | 8 | | received by the Department of Financial and Professional | 9 | | Regulation
under this Act , except for money received under | 10 | | subsection (c) of Section 14 of this Act, shall be deposited in | 11 | | the Financial Institutions Fund created
under Section 6z-26 of | 12 | | the State Finance Act.
| 13 | | (Source: P.A. 94-893, eff. 6-20-06.)
| 14 | | (215 ILCS 155/14.2 new) | 15 | | Sec. 14.2. Consumer Protection Fund. | 16 | | (a) A special income-earning fund is hereby created in the | 17 | | State treasury, known as the Title Insurance Consumer | 18 | | Protection Fund. | 19 | | (b) All money received by the Department under subsection | 20 | | (c) of Section 14 of this Act shall be deposited in the Title | 21 | | Insurance Consumer Protection Fund created under this Section. | 22 | | (c) All money paid into the Fund together with all | 23 | | accumulated undistributed income thereon shall be held as a | 24 | | special fund in the State treasury. The Fund shall be used |
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| 1 | | solely for the purpose of providing restitution to consumers | 2 | | who have suffered monetary loss arising out of a transaction | 3 | | regulated by this Act. | 4 | | (d) Money in the Fund shall be applied only to restitution | 5 | | when restitution has been ordered by the Secretary. Restitution | 6 | | must not exceed the amount actually lost by the consumer. Money | 7 | | in the Fund may not be used for the payment of attorneys fees | 8 | | or other fees. | 9 | | (e) The Fund shall be subrogated to the amount of the | 10 | | restitution. The Secretary shall request the Attorney General | 11 | | to engage in all reasonable collection steps to collect | 12 | | restitution from the party responsible for the loss and | 13 | | reimburse the Fund. | 14 | | (f) Notwithstanding any other provisions of this Section, | 15 | | the payment of restitution from the Fund shall be a matter of | 16 | | grace and not of right. No consumer shall have any vested | 17 | | rights in the Fund as a beneficiary or otherwise. Before | 18 | | seeking restitution from the Fund, the consumer seeking payment | 19 | | of restitution shall apply for restitution on a form provided | 20 | | by the Secretary. The form shall include any information the | 21 | | Secretary may reasonably require in order to determine that | 22 | | restitution is appropriate. | 23 | | (g) Notwithstanding any other provision of this Section, | 24 | | money in the Title Insurance Consumer Protection Fund may be | 25 | | transferred to the Professions Indirect Cost Fund as authorized | 26 | | under Section 2105-300 of the Department of Professional |
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| 1 | | Regulation Law of the Civil Administrative Code of Illinois.
| 2 | | Section 90. The State Finance Act is amended by adding | 3 | | Section 5.786 as follows: | 4 | | (30 ILCS 105/5.786 new) | 5 | | Sec. 5.786. The Title Insurance Consumer Protection Fund. | 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law.
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