Illinois General Assembly - Bill Status for SB3712

Amends the Title Insurance Act. Excludes a limited liability company from the requirement that every title insurance agent registration applicant must be 18 years or more of age. Provides that included in every application for registration by a title insurance company, including a firm, partnership, association, limited liability company, or corporation, shall be an affidavit, signed and notarized in front of a notary public, affirming that the applicant and any owner, officer, director, principal, member, or manager has never been convicted or pled guilty to any felony or misdemeanor involving a crime of theft or dishonesty. Provides that no person who has had a conviction or pled guilty to any felony or misdemeanor involving theft or dishonesty shall be registered by a title insurance company, and no such person may serve as an owner, officer, director, principal, or manager of any registered title insurance agent. Includes additional factors whereby the Secretary of Financial and Professional Regulation may refuse to grant or may suspend or revoke any certificate of authority, registration, or license issued pursuant to the Act or impose a fine for a violation of the Act. Effective January 1, 2013.

Provides that included in every application for registration of a title insurance agent (instead of by a title insurance company), including a firm, partnership, association, limited liability company, or corporation, shall be an affidavit of the applicant title insurance agent (instead of an affidavit), signed and notarized in front of a notary public, affirming that the applicant and every (instead of any) owner, officer, director, principal, member, or manager of the applicant (instead of manager) has never been convicted or pled guilty to any felony or misdemeanor involving a crime of theft or dishonesty. Provides that no person who has had a conviction or pled guilty to any felony or misdemeanor involving theft or dishonesty may (instead of shall) be registered by a title insurance company. Provides that the Secretary of Financial and Professional Regulation may take certain regulatory action if the Secretary determines that the holder or applicant has knowingly failed (instead of failed) to account for or remit certain moneys or documents.

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