Senate Sponsors: PETKA. House Sponsors: BUGIELSKI Short description: TITLE INSURE ACT-DEFINITIONS Synopsis of Bill as introduced: Amends the Title Insurance Act. Deletes the definition of "business of guaranteeing or insuring titles to real estate". Defines the terms "title insurance business", "title insurance" and "insured closing letter". Provides that a title insurance company or title insurance agent may act in the capacity of an escrow agent under certain conditions even if it is not issuing a title insurance commitment or policy and is not qualified as an independent escrowee. SENATE AMENDMENT NO. 1. Further amends the Title Insurance Act. Makes changes in the provisions concerning the ability of a title insurance company or title insurance agent to act as an escrow agent. FISCAL NOTE (Dept. of Financial Institutions) There would be no fiscal impact on the Department. Last action on Bill: PUBLIC ACT.............................. 91-0159 Last action date: 99-07-16 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status