Illinois General Assembly

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 Bill Status of HB1335  98th General Assembly


Short Description:  TITLE INS-SETTLEMENT FUNDS

House Sponsors
Rep. Ron Sandack - Wayne Rosenthal

Senate Sponsors
(Sen. John G. Mulroe , Tim Bivins, David S. Luechtefeld, John M. Sullivan, Michael E. Hastings, Pamela J. Althoff, Linda Holmes and Napoleon Harris, III)

Last Action
DateChamber Action
  8/16/2013HousePublic Act . . . . . . . . . 98-0387

Statutes Amended In Order of Appearance
215 ILCS 155/26


Synopsis As Introduced
Amends the Title Insurance Act to add an exception to the prohibition against a title insurance company, title insurance agent, or independent escrowee making disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts if the funds are good funds and the title insurance company, title insurance agent, or independent escrowee and the financial institution, as defined by the Act, are known to each other and agree to the use of these funds.

House Committee Amendment No. 1
Adds reference to:
215 ILCS 155/3from Ch. 73, par. 1403

Replaces everything after the enacting clause. Amends the Title Insurance Act. Defines "financial institution" as any bank subject to the Illinois Banking Act, any savings and loan association subject to the Illinois Savings and Loan Act of 1985, any savings bank subject to the Savings Bank Act, any credit union subject to the Illinois Credit Union Act, and any federally chartered commercial bank, savings and loan association, savings bank, or credit union organized and operated in this State pursuant to the laws of the United States. Provides that in addition to the good funds disbursement authorization set forth in the provision concerning settlement funds, a title insurance company, title insurance agent, or independent escrowee is authorized to make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts where the funds in the aggregate amount of $50,000 or greater are received from any single party to the transaction if certain conditions are met. Makes a change to the definition of "good funds". Effective immediately.

Senate Floor Amendment No. 1
Provides that, with respect to the disbursement of settlement funds, the check must be delivered sufficiently in advance to be finally deposited into the fiduciary trust account before further disbursement. Provides that the added provisions concerning disbursements from fiduciary trust accounts are inoperative on and after January 1, 2015.

Actions 
DateChamber Action
  2/6/2013HouseFiled with the Clerk by Rep. Ron Sandack
  2/6/2013HouseFirst Reading
  2/6/2013HouseReferred to Rules Committee
  2/13/2013HouseAssigned to Financial Institutions Committee
  3/7/2013HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Ron Sandack
  3/7/2013HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/11/2013HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
  3/14/2013HouseAdded Chief Co-Sponsor Rep. Wayne Rosenthal
  3/14/2013HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  3/14/2013HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 011-000-000
  3/15/2013HousePlaced on Calendar 2nd Reading - Short Debate
  4/10/2013HouseSecond Reading - Short Debate
  4/10/2013HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/11/2013HouseThird Reading - Short Debate - Passed 112-000-001
  4/11/2013SenateArrive in Senate
  4/11/2013SenatePlaced on Calendar Order of First Reading April 12, 2013
  4/15/2013SenateChief Senate Sponsor Sen. John G. Mulroe
  4/16/2013SenateFirst Reading
  4/16/2013SenateReferred to Assignments
  4/17/2013SenateAdded as Alternate Co-Sponsor Sen. Tim Bivins
  4/17/2013SenateAdded as Alternate Co-Sponsor Sen. David S. Luechtefeld
  4/19/2013SenateAdded as Alternate Co-Sponsor Sen. John M. Sullivan
  4/23/2013SenateAssigned to Insurance
  5/2/2013SenateAdded as Alternate Co-Sponsor Sen. Michael E. Hastings
  5/7/2013SenateDo Pass Insurance; 009-000-001
  5/7/2013SenatePlaced on Calendar Order of 2nd Reading May 8, 2013
  5/14/2013SenateSecond Reading
  5/14/2013SenatePlaced on Calendar Order of 3rd Reading May 15, 2013
  5/14/2013SenateAdded as Alternate Co-Sponsor Sen. Pamela J. Althoff
  5/21/2013SenateAdded as Alternate Co-Sponsor Sen. Linda Holmes
  5/23/2013SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John G. Mulroe
  5/23/2013SenateSenate Floor Amendment No. 1 Referred to Assignments
  5/23/2013SenateSenate Floor Amendment No. 1 Assignments Refers to Insurance
  5/24/2013SenateSenate Floor Amendment No. 1 Re-referred to Assignments
  5/24/2013SenateSenate Floor Amendment No. 1 Be Approved for Consideration Assignments;
  5/24/2013SenateRecalled to Second Reading
  5/24/2013SenateSenate Floor Amendment No. 1 Adopted; Mulroe
  5/24/2013SenatePlaced on Calendar Order of 3rd Reading
  5/24/2013SenateAdded as Alternate Co-Sponsor Sen. Napoleon Harris, III
  5/24/2013SenateThird Reading - Passed; 049-002-002
  5/24/2013HouseArrived in House
  5/24/2013HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/26/2013HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Ron Sandack
  5/26/2013HouseSenate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/28/2013HouseSenate Floor Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions Committee
  5/28/2013HouseSenate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Financial Institutions Committee; 014-000-000
  5/30/2013HouseSenate Floor Amendment No. 1 House Concurs 114-001-002
  5/30/2013HouseHouse Concurs
  5/30/2013HousePassed Both Houses
  6/19/2013HouseSent to the Governor
  8/16/2013HouseGovernor Approved
  8/16/2013HouseEffective Date August 16, 2013
  8/16/2013HousePublic Act . . . . . . . . . 98-0387

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