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|[ Introduced ]||[ Senate Amendment 001 ]|
90_SB1240eng 215 ILCS 155/17 from Ch. 73, par. 1417 Amends the Title Insurance Act. Provides that title insurance companies and agents may act as escrow agents even if not issuing title insurance or qualified as an independent escrowee. Effective immediately. LRB9007953JSgc SB1240 Engrossed LRB9007953JSgc 1 AN ACT to amend the Title Insurance Act by adding Section 2 16.1. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Title Insurance Act is amended by adding 6 Section 16.1 as follows: 7 (215 ILCS 155/16.1 new) 8 Sec. 16.1. Activity as escrow agent. A title insurance 9 company or title insurance agent, not qualified as an 10 independent escrowee, may act in the capacity of an escrow 11 agent when it is supplying an abstract of title, 12 grantor-grantee search, tract search, lien search, tax 13 assessment search, or other limited purpose search to the 14 parties to the transaction even if it is not issuing a title 15 insurance commitment or title insurance policy. A title 16 insurance agent may act as an escrow agent only when 17 specifically authorized in writing on forms prescribed by the 18 Director by a title insurance company that has duly 19 registered the agent with the Director and only when notice 20 of the authorization is provided to and receipt thereof is 21 acknowledged by the Director. The authority granted to a 22 title insurance agent may be limited or revoked at any time 23 by the title insurance company. 24 Section 99. Effective date. This Act takes effect upon 25 becoming law.
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