Bill Title: Amends the Title Insurance Act. Provides that a title insurance company, title insurance agent, or independent escrowee shall not make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts unless the funds in the aggregate amount of $50,000 or greater received from any single party to the transaction are wired funds unconditionally held by and credited to the fiduciary trust account of the title insurance company, title insurance agent, or independent escrowee; are good funds as defined in the provision; or are collected funds as defined in the provision. Provides that a title insurance company or title insurance agent shall not make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts unless the funds in the amount of less than $50,000 received from any single party to the transaction are collected funds or good funds as defined in the provision. Sets forth definitions for "good funds" and "collected funds". Effective January 1, 2010.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2009-08-24 - Public Act . . . . . . . . . 96-0645 [SB2111 Detail]

Text: Latest bill text (Enrolled) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
Senate	Concurrence in Senate	2009-05-27	52	0	2	0	54	Passed	Link	View
House	Third Reading in House	2009-05-19	112	0	5	0	117	Passed	Link	View
Senate	Third Reading in Senate	2009-04-01	52	0	2	0	54	Passed	Link	View

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