TITLE INS-GOOD FUNDS
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SB 2786 — TITLE INS-GOOD FUNDS
Last action — Session Sine Die
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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3Passed Senate
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4Passed House
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5To Executive
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6Enacted
This bill died with 95th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
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 irrevocably 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. Provides that a lender or any other party to a transaction, using the closing or settlement services of a title insurance company, title insurance agent, or independent escrowee shall, at or before the time of closing or settlement, deliver its funds to the title insurance company, the title insurance agent, or the independent escrowee in the form as required by the provision. Effective January 1, 2009.
Bill Text
What changed in the latest version
37 added · 73 removedPlain-language change summary
The recent amendments to SB 2786 clarify the types of payments that can be made during real estate closings. They have specified that title insurance companies, agents, and escrowees can accept personal checks of up to $5,000, as long as they have reason to believe there are sufficient funds in the account. This change could make transactions smoother for buyers and sellers, allowing smaller payments to be processed without requiring a wire transfer.
*LRB09519143KBJ45356b* SB2786 95THEngrossed GENERALLRB095 ASSEMBLY19143 StateKBJ of45356 Illinoisb andAN 2008ACT SB2786concerning Introducedregulation. 2/15/2008, by Sen.
Don Harmon SYNOPSIS AS INTRODUCED:
ILCS 155/26 new 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 irrevocably 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.
Provides that a lender or any other party to a transaction, using the closing or settlement services of a title insurance company, title insurance agent, or independent escrowee shall, at or before the time of closing or settlement, deliver its funds to the title insurance company, the title insurance agent, or the independent escrowee in the form as required by the provision.
Effective January 1, 2009.
LRB095 19143 KBJ 45356 b A BILL FOR SB2786 LRB095 19143 KBJ 45356 b AN ACT concerning regulation.
(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 SB2786 Engrossed - 2 - LRB095 19143 KBJ 45356 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 federally insured 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;
(5) a check drawn on the trust account of any lawyer or real estate broker licensed under the laws of any state, provided that the title insurance company, title insurance agent, or independent escrowee has reasonable and prudent grounds to believe that sufficient funds are available for SB2786 Engrossed - 3 - LRB095 19143 KBJ 45356 b withdrawal in the account upon which the check is drawn at SB2786 - 3 - LRB095 19143 KBJ 45356 b the time of disbursement;
(e) A lender or any other party to a transaction, using the closing or settlement services of a title insurance company, title insurance agent, or independent escrowee shall, at or before the time of closing or settlement, deliver its funds to the title insurance company, the title insurance agent, or the independent escrowee in the form as required by this Section.
AI-generated reading aid from the bill's amendatory text — verify against the official bill.
The bill adds new regulations regarding the disbursement of settlement funds by title insurance companies, agents, and independent escrowees.
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215 ILCS 155/26
Sec. 26. Settlement funds. (a) 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 irrevocably credited to the fiduciary trust account of the title insurance company, title insurance agent, or independent escrowee; are good funds as defined in paragraphs (6) or (7) of subsection (c) of this Section; or are collected funds as defined in subsection (d) 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. (c) "Good funds" means funds in one of the following forms: (1) lawful money of the United States; (2) wired funds unconditionally held by and irrevocably credited to the fiduciary trust account of the title insurance company, the 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; (4) a personal check or checks in an aggregate amount not exceeding $5,000 per closing, provided that the title insurance company, title insurance agent, or independent escrowee has reasonable and prudent grounds to believe that sufficient funds are available for withdrawal in the account upon which the check is drawn at the time of disbursement; (5) a check drawn on the trust account of any lawyer or real estate broker licensed under the laws of any state, provided that the title insurance company, title insurance agent, or independent escrowee has reasonable and prudent grounds to believe that sufficient funds are available for withdrawal in the account upon which the check is drawn at the time of disbursement; (6) a check issued by this State, the United States, or a political subdivision of this State or the United States; or (7) a check drawn on the fiduciary trust account of a title insurance company or title insurance agent, provided that the title insurance company, title insurance agent, or independent escrowee has reasonable and prudent grounds to believe that sufficient funds are available for withdrawal in the account upon which the check is drawn at the time of disbursement. (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.
This establishes new rules for how settlement funds must be handled, specifically regarding amounts over and under $50,000, defining good funds and collected funds.
Action History
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Session Sine Die
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Referred to Rules Committee
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First Reading
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Chief House Sponsor Rep. Robert S. Molaro
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Placed on Calendar Order of First Reading
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Arrived in House
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Third Reading - Passed; 051-000-002
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Placed on Calendar Order of 3rd Reading
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Senate Floor Amendment No. 1 Adopted; Harmon
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Recalled to Second Reading
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Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 006-000-000
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Senate Floor Amendment No. 1 Rules Refers to Financial Institutions
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Senate Floor Amendment No. 1 Referred to Rules
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Senate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon
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Placed on Calendar Order of 3rd Reading April 2, 2008
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Second Reading
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Placed on Calendar Order of 2nd Reading April 1, 2008
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Do Pass Financial Institutions; 008-000-000
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Assigned to Financial Institutions
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Referred to Rules
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First Reading
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Filed with Secretary by Sen. Don Harmon
Sponsors
- Don Harmon · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →0 sponsors · 1 co-sponsors · 182 not signed on
Sponsors (0)
None.
Co-sponsors (1)
- Don Harmon Democrat
Not signed on (182)
182 members have not signed on to this bill.
Show all 182 →"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.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 42 | 0 | 0 | 7 |
| Democrat | 9 | 0 | 0 | 0 |
| Republican | 0 | 0 | 0 | 1 |
| Total | 51 | 0 | 0 | 8 |
| % of votes cast | 86% | 0% | 0% | 14% |
How each member voted (59)
| Member | Party | Vote |
|---|---|---|
| Halvorson | — | Yea |
| Lauzen | — | Yea |
| Link | — | Yea |
| Luechtefeld | — | Yea |
| Kotowski | — | Yea |
| Martinez | — | Yea |
| Sullivan | — | Yea |
| Munoz | — | Yea |
| Meeks | — | Yea |
| Noland | — | Yea |
| Watson | — | Yea |
| Jacobs | — | Yea |
| Jones, J. | — | Yea |
| Demuzio | — | Yea |
| Cullerton | — | Not Voting |
| Radogno | — | Yea |
| Brady | — | Not Voting |
| Schoenberg | — | Not Voting |
| Steans | — | Yea |
| Trotter | — | Yea |
| Viverito | — | Not Voting |
| Wilhelmi | — | Yea |
| Clayborne | — | Yea |
| Cronin | — | Yea |
| Crotty | — | Yea |
| Dahl | — | Yea |
| DeLeo | — | Not Voting |
| Hendon | — | Yea |
| Hultgren | — | Yea |
| Silverstein | — | Yea |
| Dillard | — | Yea |
| Forby | — | Yea |
| Frerichs | — | Yea |
| Haine | — | Yea |
| Pankau | — | Yea |
| Peterson | — | Not Voting |
| Raoul | — | Yea |
| Righter | — | Yea |
| Risinger | — | Yea |
| Rutherford | — | Yea |
| Sandoval | — | Not Voting |
| Maloney | — | Yea |
| Althoff | — | Yea |
| Bivins | — | Yea |
| Bomke | — | Yea |
| Bond | — | Yea |
| Burzynski | — | Yea |
| Millner | — | Yea |
| Garrett | — | Yea |
| David Koehler | Democrat | Yea |
| Don Harmon | Democrat | Yea |
| Emil Jones, III | Democrat | Yea |
| Eva-Dina Delgado | Democrat | Yea |
| Kimberly A. Lightford | Democrat | Yea |
| Lakesia Collins | Democrat | Yea |
| Laura M. Murphy | Democrat | Yea |
| Linda Holmes | Democrat | Yea |
| Mattie Hunter | Democrat | Yea |
| Dave Syverson | Republican | Not Voting |
Subjects
Frequently asked questions
- What does SB 2786 do?
- 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 irrevocably 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. Provides that a lender or any other party to a transaction, using the closing or settlement services of a title insurance company, title insurance agent, or independent escrowee shall, at or before the time of closing or settlement, deliver its funds to the title insurance company, the title insurance agent, or the independent escrowee in the form as required by the provision. Effective January 1, 2009.
- Who sponsors SB 2786?
- SB 2786 is sponsored by Don Harmon (Democrat).
- What is the current status of SB 2786?
- This bill died with 95th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 2786?
- Track SB 2786 free on One Click Politics — get push/email alerts when it moves.
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