Illinois House Bill 2449

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 15 2023 - 25% progression
Action: 2023-03-27 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Title Insurance Act. Provides that the amendatory Act may be referred to as the Title Insurance Reform Act of 2023. Provides that no person, firm, partnership, association, corporation or other legal entity shall act as or hold itself out to be a title insurance agent without first procuring a certificate of authority from the Secretary of Financial and Professional Regulation (rather than unless duly registered by a title insurance company with the Secretary). Provides that a certificate of authority shall remain in effect unless revoked or suspended by the Secretary or voluntarily withdrawn by the holder, or when the holder of the certificate of authority is no longer authorized as a title insurance agent of a title insurance company. Provides that every applicant that is not duly registered as a title insurance agent on the effective date of the amendatory Act shall comply with specified requirements. Provides that the Secretary shall maintain a database of title insurance agents in good standing on a publicly accessible website that any person may use to verify the authority of a particular title insurance agent. Sets forth duties applicable to transactions involving residential real property for title insurance companies, title insurance agents, and independent escrowees. Effective immediately.

TITLE INSURANCE-VARIOUS

Rep. Ann Williams [D]

Date	Chamber	Action
2023-03-27	House	Rule 19(a) / Re-referred to Rules Committee
2023-03-22	House	Held on Calendar Order of Second Reading - Short Debate
2023-03-22	House	Second Reading - Short Debate
2023-03-08	House	Placed on Calendar 2nd Reading - Short Debate
2023-03-07	House	Do Pass / Short Debate Insurance Committee; 014-000-000
2023-02-23	House	Assigned to Insurance Committee
2023-02-15	House	Referred to Rules Committee
2023-02-15	House	First Reading
2023-02-15	House	Filed with the Clerk by Rep. Ann M. Williams

Chapter	Article	Section	Citation Type	Statute Text
215	155	15.2	New Code	See Bill Text
215	155	16	Amended Code	Citation Text
215	155	16.2	New Code	See Bill Text
215	155	17.2	New Code	See Bill Text
215	155	3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2449&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB2449.htm