- September 06, 2013
- All Illinois Issuing Offices
- LEGISLATIVE UPDATE - Illinois Legislative Summary - August 21, 2013
The following is a summary of Legislative Bills that have been signed into law through August 21, 2013:
TITLE INSURANCE ACT:
A. Effective immediately, Public Act (PA) 98-0387 amends the Title Insurance Act to add an exception to 215 ILCS 155/26 (a) which limits disbursements by a title insurance company, title insurance agent, or independent escrowee for funds equal to or greater than $50,000.00. The amendment allows title insurance company, title insurance agent, or independent escrowee to accept a cashier’s check, teller’s check, or certified check in an amount equal to or greater than $50,000.00 from a single party to the transaction provided that the following apply:
1. The funds are transferred by cashier’s check, teller’s check, or certified check drawn on or issued by a financial institution as defined by the act, and
2. The title insurance company, title insurance agent, or independent escrowee and the financial institution are known to each other and agree to use the cashier’s check, teller’s check, or certified check as good funds as defined in the act.
B. Effective immediately, PA 98-0398 amends the Title Insurance Act by excluding limited liability companies from the requirement that every title insurance agent registration applicant must be 18 years or older. It also requires that every application for registration of a title insurance agent, including a firm, partnership, association, limited liability company, or corporation, shall be an affidavit of the applicant title insurance agent, signed and notarized, affirming that the applicant and every owner, officer, or manager of the applicant has never been convicted or found guilty of any crimes involving theft or dishonesty. There are additional factors included, whereby the secretary of Financial and Professional Regulation may refuse to grant, suspend or revoke licenses and impose fines for violations of the Act.
Protecting Tenants at Foreclosure Act (PTFA): Effective November 19, 2013, PA 98-514 requires that banks, receivers, and other entities that take control of a foreclosed residential property cannot terminate a legitimate lease until the end of its term and then must give 90 days’ notice. An individual buying the property for the purpose of his/her primary residence can terminate the lease with 90 days notice.
In June, 2013, the city of Chicago passed an ordinance that requires banks or other entities that take over foreclosed buildings by way of a court-supervised sale must offer current tenants rent controlled leases for as long as they own the building or $10,600 for relocation expenses.
Effective immediately, PA 98-492 allows a person, who is currently exempt from licensing as a residential mortgage lender, to apply for registration exemptions on the behalf of employees who act as mortgage loan originators.
Effective June 21, 2013, PA 98-0029 extends the sunset date for requiring a thumbprint of the transferor in a Cook county residential real-estate transaction from July 1, 2013, to July 1, 2018.
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