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90_HB3408 215 ILCS 155/13.5 new Amends the Title Insurance Act. Requires title insurance companies and agents to disclose to the Department of Financial Institutions certain fees charged. Prohibits deviation from the filed fees except in certain circumstances. Provides civil penalties for noncompliance. Effective immediately. LRB9010893EGfg LRB9010893EGfg 1 AN ACT to amend the Title Insurance Act by adding Section 2 13.5. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Title Insurance Act is amended by adding 6 Section 13.5 as follows: 7 (215 ILCS 155/13.5 new) 8 Sec. 13.5. Fees; disclosure to the Department. 9 (a) A title insurance company or title insurance agent 10 must file with the Department a disclosure of the fees 11 charged for each service or product provided by the company. 12 This disclosure of fees must be filed by all title insurance 13 companies and title insurance agents within 90 days of the 14 effective date of this Section or 90 days following licensure 15 or registration under this Act, whichever occurs later. 16 (b) A title insurance company or title insurance agent 17 may not charge or collect a fee in an amount different than 18 the amount of the fee filed with the Department. 19 (c) If a title insurance company or title insurance 20 agent desires to change the amount of a fee or impose an 21 additional fee, the company or agent must file with the 22 Department a disclosure of the changed or added fee. A title 23 insurance company or title insurance agent may not charge or 24 collect a changed or added fee until the disclosure of that 25 fee has been on file with the Department for 60 days. 26 (d) A title insurance company or title insurance agent 27 may petition the Department for an order authorizing a 28 specific deviation from the filed fees. A title insurance 29 company or title insurance agent shall not be granted more 30 than 2 deviations in a calendar year. 31 (e) All charges incident to the business of guaranteeing -2- LRB9010893EGfg 1 or insuring titles to real estate must be included in the 2 filed fee disclosure, including but not limited to charges 3 relating to title search and title examination, closing, 4 policy issuance, endorsement issuance, construction escrow 5 administration, title indemnity administration, and tract 6 search issuance. 7 (f) This Section does not apply to commercial 8 transactions or new construction. "Commercial transactions" 9 means all real estate transactions other than those involving 10 real estate improved with a single family residence or with a 11 building having 4 or fewer residential units. 12 (g) In addition to any penalty imposed under Section 23, 13 a title insurance company or title insurance agent that 14 violates subsection (b) of this Section shall pay to the 15 Department a civil penalty in an amount equal to 5 times the 16 amount of the deviation from the filed fee. The penalty 17 shall be paid to the Department within 30 days of the finding 18 by the Department that a violation of subsection (b) has 19 occurred. This penalty shall be paid on a per-occurrence 20 basis. 21 Section 99. Effective date. This Act takes effect upon 22 becoming law.
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