Illinois 98th Regular Session Status: Enacted 3 D cosponsors

HB 1335 — TITLE INS-SETTLEMENT FUNDS

Last action — Public Act . . . . . . . . . 98-0387

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 06, 2013. Enacted.

Prognosis

Likely to advance 82% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 8 sponsors

    0 primary, 8 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (3 D).

  • Cleared a recorded vote

    Passed 3 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Title Insurance Act to add an exception to the prohibition against a title insurance company, title insurance agent, or independent escrowee making disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts if the funds are good funds and the title insurance company, title insurance agent, or independent escrowee and the financial institution, as defined by the Act, are known to each other and agree to the use of these funds.

Bill Text

What changed in the latest version

75 added · 65 removed

Plain-language change summary

The updated version of Bill HB 1335 adds clarity to the definition of what constitutes "title insurance business" by specifying the activities involved, including issuing policy and handling escrow processes. Additionally, it removes a previous provision regarding exceptions for disbursements from fiduciary trust accounts, which means tighter restrictions now apply to how funds are managed during real estate transactions. These changes aim to enhance transparency and accountability in the title insurance industry, ultimately protecting consumers involved in property transactions.

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Previous
Latest
HB1335 Engrossed LRB098 06252 RPM 39633 b AN ACT concerning insurance.
HB1335 Enrolled LRB098 06252 RPM 39633 b AN ACT concerning insurance.
(ii) guaranteeing, warranting, or otherwise insuring the correctness of title searches for all instruments affecting titles to real property, any interest in real property, cooperative units and HB1335 Engrossed - 2 - LRB098 06252 RPM 39633 b proprietary leases, and for all liens or charges affecting the same;
(ii) guaranteeing, warranting, or otherwise insuring the correctness of title searches for all instruments affecting titles to real property, any interest in real property, cooperative units and HB1335 Enrolled - 2 - LRB098 06252 RPM 39633 b proprietary leases, and for all liens or charges affecting the same;
(1.5) "Title insurance" means insuring, guaranteeing, warranting, or indemnifying owners of real or personal property HB1335 Engrossed - 3 - LRB098 06252 RPM 39633 b or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in, or the unmarketability of the title to the property;
(1.5) "Title insurance" means insuring, guaranteeing, warranting, or indemnifying owners of real or personal property HB1335 Enrolled - 3 - LRB098 06252 RPM 39633 b or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in, or the unmarketability of the title to the property;
HB1335 Engrossed - 4 - LRB098 06252 RPM 39633 b act as an escrow agent pursuant to subsections (f), (g), and (h) of Section 16 of this Act, solicit title insurance, collect premiums, or issue title insurance commitments, policies, and endorsements of the title insurance company;
HB1335 Enrolled - 4 - LRB098 06252 RPM 39633 b act as an escrow agent pursuant to subsections (f), (g), and (h) of Section 16 of this Act, solicit title insurance, collect premiums, or issue title insurance commitments, policies, and endorsements of the title insurance company;
(6) "Financial interest" is any ownership interest, legal HB1335 Engrossed - 5 - LRB098 06252 RPM 39633 b or beneficial, except ownership of publicly traded stock.
(6) "Financial interest" is any ownership interest, legal HB1335 Enrolled - 5 - LRB098 06252 RPM 39633 b or beneficial, except ownership of publicly traded stock.
Federal and State chartered banks, savings and loan associations, credit unions, mortgage bankers, banks or trust companies authorized to do business under the Illinois Corporate Fiduciary Act, HB1335 Engrossed - 6 - LRB098 06252 RPM 39633 b licensees under the Consumer Installment Loan Act, real estate brokers licensed pursuant to the Real Estate License Act of 2000, as such Acts are now or hereafter amended, and licensed attorneys when engaged in the attorney-client relationship are exempt from the escrow provisions of this Act.
Federal and State chartered banks, savings and loan associations, credit unions, mortgage bankers, banks or trust companies authorized to do business under the Illinois Corporate Fiduciary Act, HB1335 Enrolled - 6 - LRB098 06252 RPM 39633 b licensees under the Consumer Installment Loan Act, real estate brokers licensed pursuant to the Real Estate License Act of 2000, as such Acts are now or hereafter amended, and licensed attorneys when engaged in the attorney-client relationship are exempt from the escrow provisions of this Act.
(13) "Insured closing letter" or "closing protection letter" means an indemnification or undertaking to a party to a HB1335 Engrossed - 7 - LRB098 06252 RPM 39633 b real property transaction, from a principal such as a title insurance company, setting forth in writing the extent of the principal's responsibility for intentional misconduct or errors in closing the real property transaction on the part of a settlement agent, such as a title insurance agent or other settlement service provider, and includes protection afforded pursuant to subsections (f), (g), and (h) of Section 16 and Section 16.1 of this Act even if such protection is afforded by contract.
(13) "Insured closing letter" or "closing protection letter" means an indemnification or undertaking to a party to a HB1335 Enrolled - 7 - LRB098 06252 RPM 39633 b real property transaction, from a principal such as a title insurance company, setting forth in writing the extent of the principal's responsibility for intentional misconduct or errors in closing the real property transaction on the part of a settlement agent, such as a title insurance agent or other settlement service provider, and includes protection afforded pursuant to subsections (f), (g), and (h) of Section 16 and Section 16.1 of this Act even if such protection is afforded by contract.
1-1-11.) HB1335 Engrossed - 8 - LRB098 06252 RPM 39633 b (215 ILCS 155/26) Sec.
1-1-11.) HB1335 Enrolled - 8 - LRB098 06252 RPM 39633 b (215 ILCS 155/26) Sec.
(a-5) In addition to the good funds disbursement authorization set forth in subsection (a) of this Section, a title insurance company, title insurance agent, or independent escrowee is authorized to make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts where the funds in the aggregate amount of $50,000 or greater are received from any single party to the HB1335 Engrossed - 9 - LRB098 06252 RPM 39633 b transaction if:
(a-5) In addition to the good funds disbursement authorization set forth in subsection (a) of this Section, a title insurance company, title insurance agent, or independent escrowee is authorized to make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts where the funds in the aggregate amount of $50,000 or greater are received from any single party to the HB1335 Enrolled - 9 - LRB098 06252 RPM 39633 b transaction if:
and (2) the title insurance company, title insurance agent, or independent escrowee and the financial institution, as defined in this Act, are known to each other and agree to the use of cashier's checks, teller's checks, or certified checks as good funds under item (3) of subsection (c) of this Section.
(2) the title insurance company, title insurance agent, or independent escrowee and the financial institution, as defined in this Act, are known to each other and agree to the use of cashier's checks, teller's checks, or certified checks as good funds under item (3) of subsection (c) of this Section;
(b) 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 subsection (c) of this Section.
and (3) the cashier's check, teller's check, or certified check is delivered to the title insurance company, title insurance agent, or independent escrowee in sufficient time for the check to be deposited into the title insurance company's, title insurance agent's, or independent escrowee's fiduciary trust account prior to disbursement from the fiduciary trust account of the title insurance company, title insurance agent, or independent escrowee.
The provisions of this subsection (a-5) are inoperative on and after January 1, 2015.
(b) 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 HB1335 Enrolled - 10 - LRB098 06252 RPM 39633 b funds or good funds as defined in subsection (c) of this Section.
(3) cashier's checks, certified checks, bank money orders, official bank checks, or teller's checks drawn on or issued by a financial institution chartered under the HB1335 Engrossed - 10 - LRB098 06252 RPM 39633 b laws of any state or the United States and unconditionally held by the title insurance company, title insurance agent, or independent escrowee;
(3) cashier's checks, certified checks, bank money orders, official bank checks, or teller's checks drawn on or issued by a financial institution chartered under the laws of any state or the United States and unconditionally held by the title insurance company, title insurance agent, or independent escrowee;
(6) a check issued by this State, the United States, or a political subdivision of this State or the United States;
HB1335 Enrolled - 11 - LRB098 06252 RPM 39633 b (6) a check issued by this State, the United States, or a political subdivision of this State or the United States;
HB1335 Engrossed - 11 - LRB098 06252 RPM 39633 b (d) "Collected funds" means funds deposited, finally settled, and credited to the title insurance company, title insurance agent, or independent escrowee's fiduciary trust account.
(d) "Collected funds" means funds deposited, finally settled, and credited to the title insurance company, title insurance agent, or independent escrowee's fiduciary trust account.
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Action History

  1. Public Act . . . . . . . . . 98-0387

  2. Effective Date August 16, 2013

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. House Concurs

  7. Senate Floor Amendment No. 1 House Concurs 114-001-002

  8. Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Financial Institutions Committee; 014-000-000

  9. Senate Floor Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions Committee

  10. Senate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee

  11. Senate Floor Amendment No. 1 Motion Filed Concur Rep. Ron Sandack

  12. Placed on Calendar Order of Concurrence Senate Amendment(s) 1

  13. Arrived in House

  14. Third Reading - Passed; 049-002-002

  15. Added as Alternate Co-Sponsor Sen. Napoleon Harris, III

  16. Placed on Calendar Order of 3rd Reading

  17. Senate Floor Amendment No. 1 Adopted; Mulroe

  18. Recalled to Second Reading

  19. Senate Floor Amendment No. 1 Be Approved for Consideration Assignments;

  20. Senate Floor Amendment No. 1 Re-referred to Assignments

  21. Senate Floor Amendment No. 1 Assignments Refers to Insurance

  22. Senate Floor Amendment No. 1 Referred to Assignments

  23. Senate Floor Amendment No. 1 Filed with Secretary by Sen. John G. Mulroe

  24. Added as Alternate Co-Sponsor Sen. Linda Holmes

  25. Added as Alternate Co-Sponsor Sen. Pamela J. Althoff

  26. Placed on Calendar Order of 3rd Reading May 15, 2013

  27. Second Reading

  28. Placed on Calendar Order of 2nd Reading May 8, 2013

  29. Do Pass Insurance; 009-000-001

  30. Added as Alternate Co-Sponsor Sen. Michael E. Hastings

  31. Assigned to Insurance

  32. Added as Alternate Co-Sponsor Sen. John M. Sullivan

  33. Added as Alternate Co-Sponsor Sen. David S. Luechtefeld

  34. Added as Alternate Co-Sponsor Sen. Tim Bivins

  35. Referred to Assignments

  36. First Reading

  37. Chief Senate Sponsor Sen. John G. Mulroe

  38. Placed on Calendar Order of First Reading April 12, 2013

  39. Arrive in Senate

  40. Third Reading - Short Debate - Passed 112-000-001

  41. Placed on Calendar Order of 3rd Reading - Short Debate

  42. Second Reading - Short Debate

  43. Placed on Calendar 2nd Reading - Short Debate

  44. Do Pass as Amended / Short Debate Financial Institutions Committee; 011-000-000

  45. House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote

  46. Added Chief Co-Sponsor Rep. Wayne Rosenthal

  47. House Committee Amendment No. 1 Rules Refers to Financial Institutions Committee

  48. House Committee Amendment No. 1 Referred to Rules Committee

  49. House Committee Amendment No. 1 Filed with Clerk by Rep. Ron Sandack

  50. Assigned to Financial Institutions Committee

  51. Referred to Rules Committee

  52. First Reading

  53. Filed with the Clerk by Rep. Ron Sandack

Sponsors

Sponsorship breakdown

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0 sponsors · 8 co-sponsors · 175 not signed on

Sponsors (0)

None.

Co-sponsors (8)

Not signed on (175)

175 members have not signed on to this bill.

Show all 175 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Concurrence, Amendment 1

Passed 114 Yea · 1 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 82102
Democrat 24001
Republican 8000
Total 114103
% of votes cast 97%1%0%3%
How each member voted (118)
Member Party Vote
Leitch — Yea
Acevedo — Yea
Arroyo — Yea
Beiser — Yea
Bellock — Yea
Berrios — Yea
Mautino — Yea
Bost — Yea
Brauer — Yea
Brown — Yea
McAsey — Yea
Drury — Yea
Franks — Not Voting
Hurley — Yea
Jakobsson — Yea
Jefferson — Yea
Lang — Yea
McAuliffe — Yea
McSweeney — Yea
Mell — Yea
Moffitt — Yea
Nekritz — Yea
Soto — Yea
Tabares — Yea
Bradley — Yea
Brady — Yea
Tryon — Yea
Turner — Yea
Unes — Yea
Burke, Daniel — Yea
Burke, Kelly — Yea
Mitchell, Bill — Yea
Sullivan — Yea
Mitchell, Christian — Yea
Harris, David — Yea
Harris, Greg — Yea
Cavaletto — Yea
Cloonen — Yea
Conroy — Yea
Costello — Yea
Durkin — Yea
Farnham — Yea
Flowers — Yea
Fortner — Yea
Golar — Yea
Hatcher — Yea
Hays — Yea
Hernandez — Yea
Kosel — Yea
Madigan — Yea
Wheeler — Yea
Williams — Yea
Davis, Monique — Yea
Jones — Yea
Pihos — Yea
Thapedi — Not Voting
Verschoore — Yea
Willis — Yea
Yingling — Yea
Zalewski — Yea
Cross — Yea
Currie — Yea
D'Amico — Yea
Demmer — Yea
Dunkin — Yea
Harms — Nay
Ives — Yea
Jackson — Yea
Kay — Yea
Osmond — Yea
Phelps — Yea
Poe — Yea
Pritchard — Yea
Reboletti — Yea
Reis — Yea
Riley — Yea
Roth — Yea
Sacia — Yea
Sandack — Yea
Schmitz — Yea
Senger — Yea
Sente — Yea
Smiddy — Yea
Sommer — Yea
Chapa LaVia — Yea
Anthony DeLuca Democrat Yea
Camille Y. Lilly Democrat Yea
Elgie R. Sims, Jr. Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Fred Crespo Democrat Yea
Jay Hoffman Democrat Yea
Jehan Gordon-Booth Democrat Yea
Julie A. Morrison Democrat Yea
Kelly M. Cassidy Democrat Yea
La Shawn K. Ford Democrat Yea
Laura Fine Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Martin J. Moylan Democrat Yea
Michelle Mussman Democrat Yea
Natalie A. Manley Democrat Yea
Nicholas K. Smith Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robert F. Martwick Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
Stephanie A. Kifowit Democrat Yea
Sue Scherer Democrat Not Voting
William "Will" Davis Democrat Yea
Brad Halbrook Republican Yea
Charles Meier Republican Yea
Christopher "C.D." Davidsmeyer Republican Yea
Jil Tracy Republican Yea
Joe C. Sosnowski Republican Yea
John M. Cabello Republican Yea
Norine K. Hammond Republican Yea
Wayne A. Rosenthal Republican Yea

Official roll call →

Third Reading

Passed 49 Yea · 2 Nay · 8 Other
Party YeaNayPresentNot Voting
Unaffiliated 37204
Democrat 9004
Republican 3000
Total 49208
% of votes cast 83%3%0%14%
How each member voted (59)
Member Party Vote
LaHood — Yea
Althoff — Yea
Martinez — Yea
Barickman — Nay
Bertino-Tarrant — Yea
Biss — Yea
Bivins — Yea
Haine — Yea
Link — Yea
Luechtefeld — Yea
Forby — Yea
Frerichs — Yea
Kotowski — Yea
Harris — Yea
Landek — Yea
Manar — Yea
McCann — Yea
McCarter — Yea
McGuire — Yea
McConnaughay — Yea
Sullivan — Yea
Jacobs — Yea
Cullerton, T. — Yea
Mulroe — Yea
Muñoz — Yea
Noland — Yea
Righter — Yea
Brady — Not Voting
Cullerton — Not Voting
Steans — Yea
Trotter — Not Voting
Bush — Yea
Clayborne — Yea
Connelly — Nay
Dillard — Yea
Duffy — Yea
Hutchinson — Yea
Oberweis — Yea
Radogno — Yea
Raoul — Yea
Sandoval — Yea
Silverstein — Not Voting
Van Pelt — Yea
Bill Cunningham Democrat Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Not Voting
Julie A. Morrison Democrat Not Voting
Kimberly A. Lightford Democrat Not Voting
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Not Voting
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Michael E. Hastings Democrat Yea
Steve Stadelman Democrat Yea
Chapin Rose Republican Yea
Dave Syverson Republican Yea
Sue Rezin Republican Yea

Official roll call →

Third Reading

Passed 112 Yea · 0 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 80005
Democrat 24001
Republican 8000
Total 112006
% of votes cast 95%0%0%5%
How each member voted (118)
Member Party Vote
Acevedo — Yea
Arroyo — Yea
Beiser — Yea
Bellock — Yea
Berrios — Yea
Mautino — Yea
Bost — Yea
Brauer — Yea
Brown — Yea
Demmer — Yea
Drury — Yea
Jackson — Yea
Jakobsson — Yea
Jefferson — Yea
Lang — Yea
Leitch — Yea
McAsey — Yea
McAuliffe — Yea
McSweeney — Yea
Moffitt — Yea
Soto — Yea
Tabares — Yea
Thapedi — Yea
Bradley — Yea
Brady — Yea
Tryon — Yea
Burke, Daniel — Yea
Burke, Kelly — Yea
Mitchell, Bill — Yea
Sullivan — Yea
Mitchell, Christian — Yea
Harris, David — Yea
Harris, Greg — Yea
Cavaletto — Yea
Cloonen — Yea
Durkin — Yea
Farnham — Yea
Fortner — Yea
Golar — Yea
Harms — Yea
Kosel — Yea
Hernandez — Yea
Madigan — Yea
Mell — Not Voting
Nekritz — Yea
Wheeler — Yea
Phelps — Yea
Williams — Yea
Davis, Monique — Yea
Jones — Yea
Pihos — Yea
Senger — Not Voting
Turner — Yea
Unes — Yea
Verschoore — Yea
Willis — Yea
Yingling — Yea
Zalewski — Yea
Conroy — Yea
Costello — Yea
Cross — Yea
Currie — Yea
D'Amico — Yea
Dunkin — Yea
Flowers — Not Voting
Franks — Not Voting
Hatcher — Yea
Hays — Not Voting
Hurley — Yea
Ives — Yea
Kay — Yea
Osmond — Yea
Poe — Yea
Pritchard — Yea
Reboletti — Yea
Reis — Yea
Riley — Yea
Roth — Yea
Sacia — Yea
Sandack — Yea
Schmitz — Yea
Sente — Yea
Smiddy — Yea
Sommer — Yea
Chapa LaVia — Yea
Anthony DeLuca Democrat Yea
Camille Y. Lilly Democrat Yea
Elgie R. Sims, Jr. Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Fred Crespo Democrat Yea
Jay Hoffman Democrat Yea
Jehan Gordon-Booth Democrat Not Voting
Julie A. Morrison Democrat Yea
Kelly M. Cassidy Democrat Yea
La Shawn K. Ford Democrat Yea
Laura Fine Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Martin J. Moylan Democrat Yea
Michelle Mussman Democrat Yea
Natalie A. Manley Democrat Yea
Nicholas K. Smith Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robert F. Martwick Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
Stephanie A. Kifowit Democrat Yea
Sue Scherer Democrat Yea
William "Will" Davis Democrat Yea
Brad Halbrook Republican Yea
Charles Meier Republican Yea
Christopher "C.D." Davidsmeyer Republican Yea
Jil Tracy Republican Yea
Joe C. Sosnowski Republican Yea
John M. Cabello Republican Yea
Norine K. Hammond Republican Yea
Wayne A. Rosenthal Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 1335 do?
Amends the Title Insurance Act to add an exception to the prohibition against a title insurance company, title insurance agent, or independent escrowee making disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts if the funds are good funds and the title insurance company, title insurance agent, or independent escrowee and the financial institution, as defined by the Act, are known to each other and agree to the use of these funds.
Who sponsors HB 1335?
HB 1335 is sponsored by Ron Sandack, Tim Bivins, David S. Luechtefeld, John M. Sullivan, Michael E. Hastings (Democrat), Pamela J. Althoff, Linda Holmes (Democrat), and Napoleon Harris III (Democrat).
What is the current status of HB 1335?
This bill has been enacted into law. Introduced February 06, 2013. Enacted.
Where can I track HB 1335?
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