093_HB3137

 
                                     LRB093 09806 JLS 10051 b

 1        AN ACT in relation to title insurance.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Title  Insurance  Act  is  amended   by
 5    changing Section 15 as follows:

 6        (215 ILCS 155/15) (from Ch. 73, par. 1415)
 7        Sec. 15.  Transacting business in other jurisdcitions.
 8        (a)  Whenever the existing or future laws of any state or
 9    country   shall   require   of   title   insurance  companies
10    incorporated or organized under the laws of this State, as  a
11    condition  precedent to their transacting in such other state
12    or country the business of guaranteeing or insuring titles to
13    real estate, compliance  with  laws,  rules,  regulations  or
14    prohibitions  more  onerous  or burdensome than those imposed
15    under this Act by  this  State  on  foreign  title  insurance
16    companies  transacting  such business in this State, or shall
17    require any deposit of securities  or  other  obligations  in
18    such state or country for the protection of policyholders, or
19    otherwise, in excess of the amounts required of foreign title
20    insurance companies by this Act, or shall require of Illinois
21    title  insurance  companies doing such business in such state
22    or country, the payment of penalties, fees, charges or  taxes
23    greater  than  the aggregate for like purposes imposed by the
24    laws  of  this  State  upon  such  foreign  title   insurance
25    companies,   then   such   laws,   rules,   regulations,  and
26    prohibitions of said other state or country  shall  apply  to
27    title insurance companies incorporated or organized under the
28    laws  of  such state or country doing business in this State,
29    and all such companies, doing business in this  State,  shall
30    be  required to make deposits with the Department, and to pay
31    to the Department penalties,  fees,  charges,  and  taxes  at
 
                            -2-      LRB093 09806 JLS 10051 b
 1    least in amounts equal to those required in the aggregate for
 2    like  purpose  of  Illinois  companies doing such business in
 3    such state or country.
 4        (b)  The  terms  "penalties",  "fees",   "charges",   and
 5    "taxes"  in subsection (a) of this Section shall include: the
 6    penalties, fees, charges, and taxes collected under State law
 7    and referenced within this Act; the Illinois corporate income
 8    taxes imposed under subsections (a) through  (d)  of  Section
 9    201  of  the  Illinois  Income  Tax  Act;  income or personal
10    property  taxes  imposed  by  other  states   or   countries;
11    penalties,  fees,  charges,  and  taxes  of  other  states or
12    countries imposed for purposes like those of  the  penalties,
13    fees,  charges,  and  taxes  specified  in  this Act; and any
14    penalties, fees, charges, and taxes required as a  franchise,
15    privilege,  or  licensing  tax for conducting the business of
16    insurance whether calculated as a percentage of income, gross
17    receipts, premium, or otherwise.
18        The changes in this Section made by this  amendatory  Act
19    of the 93rd General Assembly are declarative of existing law.
20    (Source: P.A. 86-239.)

21        Section  99.  Effective date.  This Act takes effect upon
22    becoming law.