TITLE INS - DISBURSEMENTS Senate SponsorsSen. Don Harmon House Sponsors(Rep. Dan Reitz) 8/24/2009SenatePublic Act . . . . . . . . . 96-0645 215 ILCS 155/26 newAmends the Title Insurance Act. Provides that a title insurance company, title insurance agent, or independent escrowee shall not make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts unless the funds in the aggregate amount of $50,000 or greater received from any single party to the transaction are wired funds unconditionally held by and credited to the fiduciary trust account of the title insurance company, title insurance agent, or independent escrowee; are good funds as defined in the provision; or are collected funds as defined in the provision. Provides that a title insurance company or title insurance agent shall not make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts unless the funds in the amount of less than $50,000 received from any single party to the transaction are collected funds or good funds as defined in the provision. Sets forth definitions for "good funds" and "collected funds". Effective January 1, 2010.Senate Floor Amendment No. 1 Includes in the definition of "good funds", a check drawn on certain accounts, provided that the title insurance company or agent or independent escrowee has reasonable grounds (instead of reasonable and prudent grounds) to believe that sufficient funds are available for withdrawal.House Committee Amendment No. 1 Deletes language prohibiting certain disbursements unless they are wired funds unconditionally held by and credited to the fiduciary trust account of the title insurance company, title insurance agent, or independent escrowee and replaces that language with a reference to the same language in the definition of "good funds". 2/20/2009SenateFiled with Secretary by Sen. Don Harmon 2/20/2009SenateFirst Reading 2/20/2009SenateReferred to Assignments 3/4/2009SenateAssigned to Judiciary 3/11/2009SenateDo Pass Judiciary; 011-000-000 3/11/2009SenatePlaced on Calendar Order of 2nd Reading March 12, 2009 3/24/2009SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon 3/24/2009SenateSenate Floor Amendment No. 1 Referred to Assignments 3/25/2009SenateSenate Floor Amendment No. 1 Assignments Refers to Judiciary 3/30/2009SenateSecond Reading 3/30/2009SenatePlaced on Calendar Order of 3rd Reading March 31, 2009 3/31/2009SenateSenate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 008-000-000 4/1/2009SenateRecalled to Second Reading 4/1/2009SenateSenate Floor Amendment No. 1 Adopted; Harmon 4/1/2009SenatePlaced on Calendar Order of 3rd Reading 4/1/2009SenateThird Reading - Passed; 057-000-002 4/2/2009HouseArrived in House 4/2/2009HousePlaced on Calendar Order of First Reading 4/2/2009HouseChief House Sponsor Rep. Dan Reitz 4/2/2009HouseFirst Reading 4/2/2009HouseReferred to Rules Committee 4/20/2009HouseAssigned to Judiciary I - Civil Law Committee 4/29/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Judiciary I - Civil Law Committee 4/29/2009HouseHouse Committee Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote 4/29/2009HouseDo Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 013-000-000 4/29/2009HousePlaced on Calendar 2nd Reading - Short Debate 4/30/2009HouseSecond Reading - Short Debate 4/30/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/19/2009HouseThird Reading - Short Debate - Passed 112-000-001 5/19/2009SenateSecretary's Desk - Concurrence House Amendment(s) 1 5/19/2009SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 20, 2009 5/21/2009SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Don Harmon 5/21/2009SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/22/2009SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary 5/26/2009SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 009-000-000 5/27/2009SenateHouse Committee Amendment No. 1 Senate Concurs 057-000-002 5/27/2009SenatePassed Both Houses 6/25/2009SenateSent to the Governor 8/24/2009SenateGovernor Approved 8/24/2009SenateEffective Date January 1, 2010 8/24/2009SenatePublic Act . . . . . . . . . 96-0645