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90_SB1240sam001
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1 AMENDMENT TO SENATE BILL 1240
2 AMENDMENT NO. . Amend Senate Bill 1240 by replacing
3 the title with the following:
4 "AN ACT to amend the Title Insurance Act by adding
5 Section 16.1."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Title Insurance Act is amended by adding
9 Section 16.1 as follows:
10 (215 ILCS 155/16.1 new)
11 Sec. 16.1. Activity as escrow agent. A title insurance
12 company or title insurance agent, not qualified as an
13 independent escrowee, may act in the capacity of an escrow
14 agent when it is supplying an abstract of title,
15 grantor-grantee search, tract search, lien search, tax
16 assessment search, or other limited purpose search to the
17 parties to the transaction even if it is not issuing a title
18 insurance commitment or title insurance policy. A title
19 insurance agent may act as an escrow agent only when
20 specifically authorized in writing on forms prescribed by the
21 Director by a title insurance company that has duly
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1 registered the agent with the Director and only when notice
2 of the authorization is provided to and receipt thereof is
3 acknowledged by the Director. The authority granted to a
4 title insurance agent may be limited or revoked at any time
5 by the title insurance company.
6 Section 99. Effective date. This Act takes effect upon
7 becoming law.".