90th General Assembly
Summary of SB1240
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Short description: 
TITLE INS AGENT-ESCROW AGENT                                               

Synopsis of Bill as introduced:
        Amends the Title Insurance Act.  Provides  that  title  insurance      
   companies  and  agents  may  act  as escrow agents even if not issuing      
   title insurance or qualified as an  independent  escrowee.   Effective      
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          215 ILCS 155/17                                                      
          Adds reference to:                                                   
          215 ILCS 155/16.1 new                                                
        Replaces the title and  everything  after  the  enacting  clause.      
   Authorizes  title  insurance  companies  and  agents  to act as escrow      
   agents.  Limits the authority to situations in which  the  company  or      
   agent  is  providing  limited  purpose  title  search  services to the      
   parties to the transaction.  Effective immediately.                         
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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