Illinois General Assembly - Full Text of Public Act 096-0274
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Public Act 096-0274




Public Act 096-0274
HB2351 Enrolled LRB096 07234 AJO 17320 b

    AN ACT concerning civil law.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Registered Titles (Torrens) Act is amended
by changing Section 102.1 as follows:
    (765 ILCS 35/102.1)
    Sec. 102.1. Excess funds.
    (a) The county board may determine that monies in excess of
the funds necessary to satisfy judgments obtained or claims
allowed against the indemnity fund exist in the indemnity fund.
In determining whether an excess of monies exists, the county
shall seek such input and gather such information as is
necessary to assist the county in making the determination. The
input and information shall include an actuarial study, or such
other studies, input, or data the county deems appropriate,
whether undertaken at the direction of the county or by third
parties in connection with the bidding for or offering of
insurance to cover the county's obligations under this Act. If
the county incurs any expense in gathering the information,
including the actuarial study, the costs shall be paid from the
indemnity fund.
    (b) The county may purchase private insurance to meet the
county's obligations under this Act. If the county does
purchase such insurance, the cost of the insurance shall be
paid out of the indemnity fund.
    (c) If the county determines that an excess of monies
exists in the indemnity fund, the county may transfer the
excess monies to a lead poisoning prevention fund, and may
expend the monies in accordance with the provisions of Section
102.2 of this Act. The county may also transfer and expend
excess indemnity fund monies for the benefit of owners of real
property in the county as the county deems appropriate,
provided that at least 50% of the aggregate of monies that have
been deemed to be excess monies have been transferred to the
lead poisoning prevention fund. The county may not expend any
excess indemnity fund monies for any purpose other than lead
poisoning prevention until it has first designed, implemented,
and started making loan or grant payments under the lead
poisoning prevention program as provided in Section 102.2.
    (d) Upon the statutory expiration of all potential
indemnity fund claims, any monies remaining in the indemnity
fund shall be deemed to be excess monies and shall be expended
in accordance with the provisions of this Section.
    (e) This amendatory Act of the 96th General Assembly does
not preempt, rescind, modify, or revise any local, State, or
federal laws or rules governing lead paint mitigation or
abatement or lead poisoning prevention.
(Source: P.A. 90-778, eff. 8-14-98.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/11/2009