Illinois General Assembly - Bill Status for SB2510
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 Bill Status of SB2510  96th General Assembly

Short Description:  TITLE INSURANCE-NAMED PARTIES

Senate Sponsors
Sen. Iris Y. Martinez - Jacqueline Y. Collins

Last Action
DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
215 ILCS 155/25.5 new


Synopsis As Introduced
Amends the Title Insurance Act. Provides that, for each residential mortgage loan transaction involving residential real property in which a title insurance company, title insurance agent, or independent escrowee engages in handling of escrows, settlements, or closings, the title insurance company, title insurance agent, or independent escrowee may not disburse any proceeds of a residential mortgage loan until the title insurance company, title insurance agent, or independent escrowee has received from the person or entity making the residential mortgage loan, or any other person or entity to the transaction, the names and license or registration numbers, if applicable, of each financial institution, residential mortgage licensee, loan originator, loan processor, real estate appraiser, and real estate licensee involved in the residential mortgage loan transaction. Requires that the title insurance company, title insurance agent, or independent escrowee that disbursed the proceeds of a residential mortgage loan must file with the Secretary the names and license or registration numbers, if applicable, of each financial institution, residential mortgage licensee, loan originator, loan processor, real estate appraiser, and real estate licensee involved in the residential mortgage loan transaction. Provides that a title insurance company, title insurance agent, or independent escrowee may not be subject to any liability or be subject to disciplinary action for any inaccurate or false information contained in the disclosure if the inaccurate or false information is provided to the title insurance company, title insurance agent, or independent escrowee by the person or entity making a residential mortgage loan or any other person or entity to the residential loan transaction. Effective immediately.

Actions 
DateChamber Action
  1/12/2010SenateFiled with Secretary by Sen. Iris Y. Martinez
  1/12/2010SenateFirst Reading
  1/12/2010SenateReferred to Assignments
  2/4/2010SenateAssigned to Financial Institutions
  2/8/2010SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  2/10/2010SenatePostponed - Financial Institutions
  3/3/2010SenatePostponed - Financial Institutions
  3/5/2010SenateRule 2-10 Committee Deadline Established As March 19, 2010
  3/9/2010SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Iris Y. Martinez
  3/9/2010SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/9/2010SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/17/2010SenateSenate Committee Amendment No. 1 Postponed - Financial Institutions
  3/17/2010SenatePostponed - Financial Institutions
  3/19/2010SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
  3/19/2010SenateRule 3-9(a) / Re-referred to Assignments
  1/12/2011SenateSession Sine Die

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