Illinois Senate Bill 3374 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 10 2010 - 25% progression, died in committee
Action: 2010-06-27 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Title Insurance Act. Provides that a title insurance company or title insurance agent is not authorized to act as an escrow agent in a residential real property transaction unless a commitment, binder, or title insurance policy and closing protection letters have been issued. Provides that closing protection letters shall indemnify the parties in a real property transaction against actual loss, not to exceed the amount of the settlement funds deposited with the escrow agent, when the loss arises out of certain circumstances. Sets forth the circumstances under which indemnification under a closing protection letter may include limitations on the liability of the title insurance. Provides that when a title insurance company reimburses the indemnified party, the company shall be subrogated to all the rights and remedies that the indemnified party would have had. Provides that an indemnified party may demand arbitration for a claim if the title insurance policy for the transaction is less than $2,000,000; if the policy is more than $2,000,000, then arbitration must be agreed to by both the title insurance company and the indemnified party. Makes other changes. Effective immediately.

TITLE INS-CLOSING PROTECTION

Sen. William Haine [D]

Date	Chamber	Action
2010-06-27		Pursuant to Senate Rule 3-9(b) / Referred to Assignments
2010-03-03		Placed on Calendar Order of 2nd Reading March 4, 2010
2010-03-03		Do Pass Judiciary; 007-000-000
2010-02-24		Assigned to Judiciary
2010-02-10		Referred to Assignments
2010-02-10		First Reading
2010-02-10		Filed with Secretary by Sen. William R. Haine

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3374&GAID=10&DocTypeID=SB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/SB/09600SB3374.htm