Illinois House Bill 4555

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 22 2024 - 25% progression
Action: 2024-01-31 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Title Insurance Act. 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 surrendered 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. Sets forth provisions concerning applications for a certificate of authority and makes changes concerning the powers of the Secretary. 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. Makes other changes. Effective immediately.

TITLE INSURANCE-VARIOUS

Rep. Ann Williams [D]

Date	Chamber	Action
2024-01-31	House	Referred to Rules Committee
2024-01-31	House	First Reading
2024-01-22	House	Filed with the Clerk by Rep. Ann M. Williams

Chapter	Article	Section	Citation Type	Statute Text
215	155	12	Amended Code	Citation 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=4555&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB4555.htm