90th General Assembly
Summary of HB0922
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House Sponsors:

Senate Sponsors:

Short description: 
TITLE INSURANCE ACT-TECHNICAL                                              

Synopsis of Bill as introduced:
        Amends the Title Insurance Act.  Adds  a  caption  to  the  short      
   title Section.                                                              
          FISCAL NOTE (Office of Banks & Real Estate)                          
          There will be no fiscal impact on this Dept.                         
          STATE MANDATES FISCAL NOTE                                           
          In the opinion of DCCA, HB922 fails to create a State mandate.       
          HOME RULE NOTE                                                       
          HB922 does not preempt home rule authority.                          
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          215 ILCS 155/1                                                       
          Adds reference to:                                                   
          215 ILCS 155/13.5 new                                                
          215 ILCS 155/17                 from Ch. 73, par. 1417               
        Replaces the title and  everything  after  the  enacting  clause.      
   Requires  title  insurance  companies  and title insurance agencies to      
   file fee schedules with  the  Department  of  Financial  Institutions.      
   Prohibits  charging  fees  other  than  in  the amounts filed with the      
   Department. Provides that title insurance companies and agents may act      
   as escrow agents  even  if  it  is  not  issuing  title  insurance  or      
   qualified as an independent escrowee.                                       
        SENATE AMENDMENT NO. 3.                                                
        Provides that instead of filing a schedule of fees, companies and      
   agents must file a  disclosure  of  the  highest  fee  charged  for  a      
   service.  Prohibits collection of an increased fee until the increased      
   fee  has  been  on  file  for  60  days.  Allows a decreased fee to be      
   charged upon filing a disclosure with the Department.                       
Last action on Bill: THIRD READING - LOST                     019-032-006

   Last action date: 97-05-16

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


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