Translate
Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.
Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
(215 ILCS 155/9) (from Ch. 73, par. 1409)
Sec. 9. Impairment of capital; discontinuance of issuance of new policies; penalty.
(a) Whenever the capital of any title insurance company
authorized to do business under this Act is determined by the circuit
court, upon the application of the Secretary, to be impaired
to the extent of 25% of its capital, or to have otherwise become unsafe, the Secretary shall cancel the authority of the company
to do business.
(b) The Secretary shall give notice as provided by this Act to the company to
discontinue doing business until its capital has been made
good. The title insurance company may continue to issue policies and perform other actions that are required to complete contractual obligations undertaken prior to the notice.
(c) Any officer or management employee who continues to take orders for title insurance or close transactions on behalf of
a company after the notice to discontinue doing business, and before its
capital has been made good, may, for each offense, be fined as provided by this Act.
(Source: P.A. 94-893, eff. 6-20-06.)
|