Sen. William R. Haine
Filed: 5/20/2014
 
 


 




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1
AMENDMENT TO HOUSE BILL 4677




2 AMENDMENT NO. ______. Amend House Bill 4677 by replacing 
3everything after the enacting clause with the following:


4 "Section 5. The Illinois Insurance Code is amended by 
5adding Section 357.32 as follows:

6 (215 ILCS 5/357.32 new)
7 Sec. 357.32. Coordination of benefits.
8 (a) No individual or group major medical accident and 
9health insurance policy amended, delivered, issued, or renewed 
10after the effective date of this amendatory Act of the 98th 
11General Assembly shall contain any provision whereby benefits 
12otherwise payable under the policy are subject to reduction 
13solely on account of the existence of similar benefits provided 
14under other major medical accident and health insurance 
15policies where such reduction would operate to reduce total 
16benefits payable under the policies below an amount equal to 
 
 
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1100% of the total allowable expenses provided under any of the 
2policies.
3 (b) The Director may adopt rules to implement this Section.

4 Section 10. The Health Maintenance Organization Act is 
5amended by changing Section 5-7 as follows:




6 (215 ILCS 125/5-7) (from Ch. 111 1/2, par. 1415)



7 Sec. 5-7. Rules and regulations to carry out provisions of 
8Act. The Director may, after notice and hearing, promulgate 
9reasonable rules
and regulations as are necessary and proper 
10to:

11 (1) Establish minimum coverage standards for basic health 
12care services,
the application of which standards discriminate 
13against no class of physician;

14 (2) Establish specific standards, including standards for 
15the full and
fair disclosure of health care services provided 
16by group or nongroup contracts or
evidences of coverage which 
17may cover but shall not be limited to:

18 (a) Coordination of benefits

19 (b) Conversion

20 (c) Cancellation and termination

21 (d) Deductibles and co-payments

22 (e) Pre-existing conditions; and

23 (3) Otherwise carry out the provisions of this Act.

24(Source: P.A. 86-620.)



 
 
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1 Section 15. The Title Insurance Act is amended by changing 
2Section 26 as follows:

3 (215 ILCS 155/26)
4 Sec. 26. Settlement funds.
5 (a) A title insurance company, title insurance agent, or 
6independent escrowee shall not make disbursements in 
7connection with any escrows, settlements, or closings out of a 
8fiduciary trust account or accounts unless the funds in the 
9aggregate amount of $50,000 or greater received from any single 
10party to the transaction are good funds as defined in 
11paragraphs (2), (6), or (7) of subsection (c) of this Section; 
12or are collected funds as defined in subsection (d) of this 
13Section.
14 For the purposes of this subsection (a), where funds in the 
15aggregate amount of $50,000 or greater are received from any 
16purchaser of residential real property, as defined in paragraph 
17(14) of Section 3 of this Act, the aggregate amount may consist 
18of good funds of less than $50,000 per paragraph, as defined in 
19paragraphs (3) and (5) of subsection (c) of this Section and of 
20up to $5,000 in good funds, as defined in paragraph (4) of 
21subsection (c) of this Section. 
22 (a-5) In addition to the good funds disbursement 
23authorization set forth in subsection (a) of this Section, a 
24title insurance company, title insurance agent, or independent 
 
 
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1escrowee is authorized to make disbursements in connection with 
2any escrows, settlements, or closings out of a fiduciary trust 
3account or accounts where the funds in the aggregate amount of 
4$50,000 or greater are received from any single party to the 
5transaction if: 
6  (1) the funds are transferred by a cashier's check, 
7 teller's check, or certified check, as defined in the 
8 Uniform Commercial Code, that is drawn on or issued by a 
9 financial institution, as defined in this Act;
10  (2) the title insurance company, title insurance 
11 agent, or independent escrowee and the financial 
12 institution, as defined in this Act, are known to each 
13 other and agree to the use of cashier's checks, teller's 
14 checks, or certified checks to disburse the loan and 
15 related closing costs being funded by the financial 
16 institution as good funds under item (3) of subsection (c) 
17 of this Section; and 
18  (3) the cashier's check, teller's check, or certified 
19 check is delivered to the title insurance company, title 
20 insurance agent, or independent escrowee in sufficient 
21 time for the check to be deposited into the title insurance 
22 company's, title insurance agent's, or independent 
23 escrowee's fiduciary trust account prior to disbursement 
24 from the fiduciary trust account of the title insurance 
25 company, title insurance agent, or independent escrowee.
26 The provisions of this subsection (a-5) are inoperative on 
 
 
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1and after January 1, 2015. 
2 (b) A title insurance company or title insurance agent 
3shall not make disbursements in connection with any escrows, 
4settlements, or closings out of a fiduciary trust account or 
5accounts unless the funds in the amount of less than $50,000 
6received from any single party to the transaction are collected 
7funds or good funds as defined in subsection (c) of this 
8Section.
9 (c) "Good funds" means funds in one of the following forms:
10  (1) lawful money of the United States;
11  (2) wired funds unconditionally held by and credited to 
12 the fiduciary trust account of the title insurance company, 
13 the title insurance agent, or independent escrowee;
14  (3) cashier's checks, certified checks, bank money

15 orders, official bank checks, or teller's checks drawn on

16 or issued by a financial institution and unconditionally

17 held by the title insurance company, title insurance agent,

18 or independent escrowee;
19  (4) a personal check or checks in an aggregate amount 
20 not exceeding $5,000 per closing, provided that the title 
21 insurance company, title insurance agent, or independent 
22 escrowee has reasonable grounds to believe that sufficient 
23 funds are available for withdrawal in the account upon 
24 which the check is drawn at the time of disbursement;
25  (5) a check drawn on the trust account of any lawyer or 
26 real estate broker licensed under the laws of any state, 
 
 
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1 provided that the title insurance company, title insurance 
2 agent, or independent escrowee has reasonable grounds to 
3 believe that sufficient funds are available for withdrawal 
4 in the account upon which the check is drawn at the time of 
5 disbursement;
6  (6) a check issued by this State, the United States, or 
7 a political subdivision of this State or the United States; 
8 or
9  (7) a check drawn on the fiduciary trust account of a 
10 title insurance company or title insurance agent, provided 
11 that the title insurance company, title insurance agent, or 
12 independent escrowee has reasonable grounds to believe 
13 that sufficient funds are available for withdrawal in the 
14 account upon which the check is drawn at the time of 
15 disbursement.
16 (d) "Collected funds" means funds deposited, finally 
17settled, and credited to the title insurance company, title 
18insurance agent, or independent escrowee's fiduciary trust 
19account.

20 (e) A purchaser, a seller, or a lender is each considered a 
21single party to the transaction for the purposes of this 
22Section, regardless of the number of people or entities making 
23up the purchaser, seller, or lender. 
24(Source: P.A. 98-387, eff. 8-16-13.)

25 Section 99. Effective date. This Act takes effect upon 
 
 
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1becoming law.".