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| [ Introduced ] | [ Enrolled ] | [ Senate Amendment 001 ] |
90_SB0591eng
215 ILCS 155/1 from Ch. 73, par. 1401
Amends the Title Insurance Act. Adds a caption to the
short title Section.
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1 AN ACT to amend the Title Insurance Act by adding
2 Sections 3.1 and 15.1.
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 Sections 3.1 and 15.1 as follows:
7 (215 ILCS 155/3.1 new)
8 Sec. 3.1. Public policy. It is declared to be the
9 public policy of this State, pursuant to subsection (h) of
10 Section 6 of Article VII of the Illinois Constitution of
11 1970, that any power or function set forth in this Act to be
12 exercised by the State is an exclusive State power or
13 function. Such power or function shall not be exercised
14 concurrently, either directly or indirectly, by any unit of
15 local government, including home rule units, except as
16 otherwise provided in this Act. The fees, charges, and taxes
17 provided for by this Act shall, as provided in Section 15.1
18 of this Act, be in lieu of all license fees or privilege or
19 occupation taxes or other fees levied or assessed by any home
20 rule unit.
21 (215 ILCS 155/15.1 new)
22 Sec. 15.1. No taxes to be imposed by political
23 subdivisions. The fees, charges, and taxes provided for by
24 this Act shall be in lieu of all license fees or privilege or
25 occupation taxes or other fees levied or assessed by any
26 municipality, county, or other political subdivision of this
27 State. No municipality, county, or other political
28 subdivision of this State shall impose any license fee or
29 privilege or occupation tax or fee upon any domestic,
30 foreign, or alien company, or upon any of its agents, for the
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1 privilege of doing insurance business therein. This Section
2 shall not be construed to prohibit the levy and collection of
3 State, county, or municipal taxes upon the real and personal
4 property of the company, including the tax imposed by
5 subsections (c) and (d) of Section 201 of the Illinois Income
6 Tax Act. This Section 15.1 is declared to be a denial and
7 limitation of the powers of home rule units pursuant to
8 paragraph (g) of Section 6 of Article VII of the Illinois
9 Constitution of 1970.
10 Section 99. Effective date. This Act takes effect upon
11 becoming law.