Senate Sponsors: GEO-KARIS-O'MALLEY. House Sponsors: RYDER-OSMOND Short description: TITLE INSURERS RECEIVERSHIP Synopsis of Bill as introduced: Amends the Title Insurance Act. Increases the surety bond required before a company may transact a title insurance business. Increases penalties for transacting business with impaired capital. Increases maximum annual fees. Authorizes the Director of Financial Institutions to impose fines for violations of the Act. Establishes procedures for the liquidation and receivership of title insurers. Sets forth powers of the Director and receiver and establishes priority of claims. Effective January 1, 2002. HOUSE AMENDMENT NO. 1. Adds reference to: 215 ILCS 155/6 from Ch. 73, par. 1406 215 ILCS 155/21.2 new 215 ILCS 155/21.3 new 215 ILCS 155/25 from Ch. 73, par. 1425 Replaces everything after the enacting clause. Reinserts the bill substantially as introduced. Increases the deposit and bond requirements. Requires a title insurer to retain a portion of the primary liability on policies it issues. Provides that title insurers must share liability for claims arising out of certain acts of their agents. Establishes the manner of giving notice under the Act. Requires insurers to retain records for at least 5 years. Authorizes the Director of Financial Institutions to impose civil penalties for violations. Provides that intentional violations of the Act are petty offenses rather than business offenses. Effective January 1, 2002. HOUSE AMENDMENT NO. 2. Provides that the amount of annual license fees shall be based upon the number of policies insuring title to real estate in this State issued by a company or any of its agents. Provides that certain fees are to be collected from the person purchasing the title insurance policy. HOUSE AMENDMENT NO. 3. Provides that the $1.25 per policy fee shall be remitted to the Department of Financial Institutions beginning April 1, 2003 rather than April 1, 2002. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 3 SENATE - 0 END OF INQUIRY Full Text Bill Status