IL SB2510 | 2009-2010 | 96th General Assembly
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 12 2010 - 25% progression, died in committee
Action: 2010-03-19 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 12 2010 - 25% progression, died in committee
Action: 2010-03-19 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Title Insurance Act. Provides that, for each residential mortgage loan transaction involving residential real property in which a title insurance company, title insurance agent, or independent escrowee engages in handling of escrows, settlements, or closings, the title insurance company, title insurance agent, or independent escrowee may not disburse any proceeds of a residential mortgage loan until the title insurance company, title insurance agent, or independent escrowee has received from the person or entity making the residential mortgage loan, or any other person or entity to the transaction, the names and license or registration numbers, if applicable, of each financial institution, residential mortgage licensee, loan originator, loan processor, real estate appraiser, and real estate licensee involved in the residential mortgage loan transaction. Requires that the title insurance company, title insurance agent, or independent escrowee that disbursed the proceeds of a residential mortgage loan must file with the Secretary the names and license or registration numbers, if applicable, of each financial institution, residential mortgage licensee, loan originator, loan processor, real estate appraiser, and real estate licensee involved in the residential mortgage loan transaction. Provides that a title insurance company, title insurance agent, or independent escrowee may not be subject to any liability or be subject to disciplinary action for any inaccurate or false information contained in the disclosure if the inaccurate or false information is provided to the title insurance company, title insurance agent, or independent escrowee by the person or entity making a residential mortgage loan or any other person or entity to the residential loan transaction. Effective immediately.
Title
TITLE INSURANCE-NAMED PARTIES
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2010-03-19 | Rule 3-9(a) / Re-referred to Assignments | |
| 2010-03-19 | Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments | |
| 2010-03-17 | Postponed - Financial Institutions | |
| 2010-03-17 | Senate Committee Amendment No. 1 Postponed - Financial Institutions | |
| 2010-03-09 | Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions | |
| 2010-03-09 | Senate Committee Amendment No. 1 Referred to Assignments | |
| 2010-03-09 | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Iris Y. Martinez | |
| 2010-03-05 | Rule 2-10 Committee Deadline Established As March 19, 2010 | |
| 2010-03-03 | Postponed - Financial Institutions | |
| 2010-02-10 | Postponed - Financial Institutions | |
| 2010-02-08 | Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins | |
| 2010-02-04 | Assigned to Financial Institutions | |
| 2010-01-12 | Referred to Assignments | |
| 2010-01-12 | First Reading | |
| 2010-01-12 | Filed with Secretary by Sen. Iris Y. Martinez |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2510&GAID=10&DocTypeID=SB&SessionID=76&GA=96 |
| Text | https://www.ilga.gov/legislation/96/SB/09600SB2510.htm |
