TITLE INSURANCE ACT-TECHNICAL
Synopsis of Bill as introduced:
Amends the Title Insurance Act. Adds a caption to the short
FISCAL NOTE (Office of Banks & Real Estate)
There will be no fiscal impact on this Dept.
STATE MANDATES FISCAL NOTE
In the opinion of DCCA, HB922 fails to create a State mandate.
HOME RULE NOTE
HB922 does not preempt home rule authority.
SENATE AMENDMENT NO. 1.
Deletes reference to:
215 ILCS 155/1
Adds reference to:
215 ILCS 155/13.5 new
215 ILCS 155/17 from Ch. 73, par. 1417
Replaces the title and everything after the enacting clause.
Requires title insurance companies and title insurance agencies to
file fee schedules with the Department of Financial Institutions.
Prohibits charging fees other than in the amounts filed with the
Department. Provides that title insurance companies and agents may act
as escrow agents even if it is not issuing title insurance or
qualified as an independent escrowee.
SENATE AMENDMENT NO. 3.
Provides that instead of filing a schedule of fees, companies and
agents must file a disclosure of the highest fee charged for a
service. Prohibits collection of an increased fee until the increased
fee has been on file for 60 days. Allows a decreased fee to be
charged upon filing a disclosure with the Department.
Last action on Bill: THIRD READING - LOST 019-032-006
Last action date: 97-05-16
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2
END OF INQUIRY
Full Text Bill Status