Sen. William R. Haine

Filed: 5/20/2014

 

 


 

 


 
09800HB4677sam001LRB098 17406 RPM 59843 a

1
AMENDMENT TO HOUSE BILL 4677

2    AMENDMENT NO. ______. Amend House Bill 4677 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Insurance Code is amended by
5adding Section 357.32 as follows:
 
6    (215 ILCS 5/357.32 new)
7    Sec. 357.32. Coordination of benefits.
8    (a) No individual or group major medical accident and
9health insurance policy amended, delivered, issued, or renewed
10after the effective date of this amendatory Act of the 98th
11General Assembly shall contain any provision whereby benefits
12otherwise payable under the policy are subject to reduction
13solely on account of the existence of similar benefits provided
14under other major medical accident and health insurance
15policies where such reduction would operate to reduce total
16benefits payable under the policies below an amount equal to

 

 

09800HB4677sam001- 2 -LRB098 17406 RPM 59843 a

1100% of the total allowable expenses provided under any of the
2policies.
3    (b) The Director may adopt rules to implement this Section.
 
4    Section 10. The Health Maintenance Organization Act is
5amended by changing Section 5-7 as follows:
 
6    (215 ILCS 125/5-7)  (from Ch. 111 1/2, par. 1415)
7    Sec. 5-7. Rules and regulations to carry out provisions of
8Act. The Director may, after notice and hearing, promulgate
9reasonable rules and regulations as are necessary and proper
10to:
11    (1) Establish minimum coverage standards for basic health
12care services, the application of which standards discriminate
13against no class of physician;
14    (2) Establish specific standards, including standards for
15the full and fair disclosure of health care services provided
16by group or nongroup contracts or evidences of coverage which
17may cover but shall not be limited to:
18    (a) Coordination of benefits
19    (b) Conversion
20    (c) Cancellation and termination
21    (d) Deductibles and co-payments
22    (e) Pre-existing conditions; and
23    (3) Otherwise carry out the provisions of this Act.
24(Source: P.A. 86-620.)
 

 

 

09800HB4677sam001- 3 -LRB098 17406 RPM 59843 a

1    Section 15. The Title Insurance Act is amended by changing
2Section 26 as follows:
 
3    (215 ILCS 155/26)
4    Sec. 26. Settlement funds.
5    (a) A title insurance company, title insurance agent, or
6independent escrowee shall not make disbursements in
7connection with any escrows, settlements, or closings out of a
8fiduciary trust account or accounts unless the funds in the
9aggregate amount of $50,000 or greater received from any single
10party to the transaction are good funds as defined in
11paragraphs (2), (6), or (7) of subsection (c) of this Section;
12or are collected funds as defined in subsection (d) of this
13Section.
14    For the purposes of this subsection (a), where funds in the
15aggregate amount of $50,000 or greater are received from any
16purchaser of residential real property, as defined in paragraph
17(14) of Section 3 of this Act, the aggregate amount may consist
18of good funds of less than $50,000 per paragraph, as defined in
19paragraphs (3) and (5) of subsection (c) of this Section and of
20up to $5,000 in good funds, as defined in paragraph (4) of
21subsection (c) of this Section.
22    (a-5) In addition to the good funds disbursement
23authorization set forth in subsection (a) of this Section, a
24title insurance company, title insurance agent, or independent

 

 

09800HB4677sam001- 4 -LRB098 17406 RPM 59843 a

1escrowee is authorized to make disbursements in connection with
2any escrows, settlements, or closings out of a fiduciary trust
3account or accounts where the funds in the aggregate amount of
4$50,000 or greater are received from any single party to the
5transaction if:
6        (1) the funds are transferred by a cashier's check,
7    teller's check, or certified check, as defined in the
8    Uniform Commercial Code, that is drawn on or issued by a
9    financial institution, as defined in this Act;
10        (2) the title insurance company, title insurance
11    agent, or independent escrowee and the financial
12    institution, as defined in this Act, are known to each
13    other and agree to the use of cashier's checks, teller's
14    checks, or certified checks to disburse the loan and
15    related closing costs being funded by the financial
16    institution as good funds under item (3) of subsection (c)
17    of this Section; and
18        (3) the cashier's check, teller's check, or certified
19    check is delivered to the title insurance company, title
20    insurance agent, or independent escrowee in sufficient
21    time for the check to be deposited into the title insurance
22    company's, title insurance agent's, or independent
23    escrowee's fiduciary trust account prior to disbursement
24    from the fiduciary trust account of the title insurance
25    company, title insurance agent, or independent escrowee.
26    The provisions of this subsection (a-5) are inoperative on

 

 

09800HB4677sam001- 5 -LRB098 17406 RPM 59843 a

1and after January 1, 2015.
2    (b) A title insurance company or title insurance agent
3shall not make disbursements in connection with any escrows,
4settlements, or closings out of a fiduciary trust account or
5accounts unless the funds in the amount of less than $50,000
6received from any single party to the transaction are collected
7funds or good funds as defined in subsection (c) of this
8Section.
9    (c) "Good funds" means funds in one of the following forms:
10        (1) lawful money of the United States;
11        (2) wired funds unconditionally held by and credited to
12    the fiduciary trust account of the title insurance company,
13    the title insurance agent, or independent escrowee;
14        (3) cashier's checks, certified checks, bank money
15    orders, official bank checks, or teller's checks drawn on
16    or issued by a financial institution and unconditionally
17    held by the title insurance company, title insurance agent,
18    or independent escrowee;
19        (4) a personal check or checks in an aggregate amount
20    not exceeding $5,000 per closing, provided that the title
21    insurance company, title insurance agent, or independent
22    escrowee has reasonable grounds to believe that sufficient
23    funds are available for withdrawal in the account upon
24    which the check is drawn at the time of disbursement;
25        (5) a check drawn on the trust account of any lawyer or
26    real estate broker licensed under the laws of any state,

 

 

09800HB4677sam001- 6 -LRB098 17406 RPM 59843 a

1    provided that the title insurance company, title insurance
2    agent, or independent escrowee has reasonable grounds to
3    believe that sufficient funds are available for withdrawal
4    in the account upon which the check is drawn at the time of
5    disbursement;
6        (6) a check issued by this State, the United States, or
7    a political subdivision of this State or the United States;
8    or
9        (7) a check drawn on the fiduciary trust account of a
10    title insurance company or title insurance agent, provided
11    that the title insurance company, title insurance agent, or
12    independent escrowee has reasonable grounds to believe
13    that sufficient funds are available for withdrawal in the
14    account upon which the check is drawn at the time of
15    disbursement.
16    (d) "Collected funds" means funds deposited, finally
17settled, and credited to the title insurance company, title
18insurance agent, or independent escrowee's fiduciary trust
19account.
20    (e) A purchaser, a seller, or a lender is each considered a
21single party to the transaction for the purposes of this
22Section, regardless of the number of people or entities making
23up the purchaser, seller, or lender.
24(Source: P.A. 98-387, eff. 8-16-13.)
 
25    Section 99. Effective date. This Act takes effect upon

 

 

09800HB4677sam001- 7 -LRB098 17406 RPM 59843 a

1becoming law.".