Full Text of SB2828 95th General Assembly
SB2828eng 95TH GENERAL ASSEMBLY
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SB2828 Engrossed |
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LRB095 19631 KBJ 45971 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Title Insurance Act is amended by adding | 5 |
| Section 24.6 as follows: | 6 |
| (215 ILCS 155/24.6 new) | 7 |
| Sec. 24.6. Named parties on transactions. | 8 |
| (a) For each residential mortgage loan transaction in which | 9 |
| a title insurance company, title insurance agent, or | 10 |
| independent escrowee engages in title insurance business, the | 11 |
| title insurance company, title insurance agent, or independent | 12 |
| escrowee engaging in such business shall file with the | 13 |
| Secretary, on a form prescribed by the Secretary that is no | 14 |
| longer than one 8.5 by 11 inch piece of paper or its electronic | 15 |
| equivalent, the names and license or registration numbers, if | 16 |
| applicable, of each financial institution, residential | 17 |
| mortgage licensee, loan originator, real estate appraiser, | 18 |
| real estate licensee, and closing agent involved in the | 19 |
| residential mortgage loan transaction. The form shall be filed | 20 |
| with the Secretary no later than 7 days after the closing of | 21 |
| the residential mortgage loan transaction. | 22 |
| (b) A title insurance company, independent escrowee, or | 23 |
| title insurance agent that makes reasonable efforts to comply |
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SB2828 Engrossed |
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LRB095 19631 KBJ 45971 b |
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| with this Section shall not be subject to disciplinary action | 2 |
| or liability arising from the completeness or accuracy of | 3 |
| information contained in the disclosure required by this | 4 |
| Section. Reasonable efforts may be established by a sworn | 5 |
| declaration by the title insurance company, independent | 6 |
| escrowee, or title insurance agent that all the information | 7 |
| contained in the disclosure is true and correct to the best of | 8 |
| the declarant's knowledge. | 9 |
| (c) If a title insurance company, independent escrowee, or | 10 |
| title insurance agent is unable to provide the Department with | 11 |
| complete and accurate information as a result of one or more | 12 |
| parties' failure to provide complete and accurate information | 13 |
| to the title insurance company, independent escrowee, or title | 14 |
| insurance agent, then the title insurance company, independent | 15 |
| escrowee, or title insurance agent shall include a statement | 16 |
| with its disclosure describing the efforts to obtain the | 17 |
| information and identifying the party or parties who failed to | 18 |
| provide the required information. | 19 |
| (d) The requirements of this Section apply to all | 20 |
| residential mortgage transactions involving properties in Cook | 21 |
| County that close on or after January 1, 2009. The requirements | 22 |
| of this Section apply to all residential mortgage transactions | 23 |
| involving properties in the State of Illinois that close on or | 24 |
| after July 1, 2009. | 25 |
| (e) All information obtained by the Department pursuant to | 26 |
| this Section shall be exempt from disclosure under Section |
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SB2828 Engrossed |
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LRB095 19631 KBJ 45971 b |
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| 7(1)(b)(iii) of the Freedom of Information Act.
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| Section 99. Effective date. This Act takes effect upon | 3 |
| becoming law.
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