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SB1335 Engrossed |
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LRB096 07233 AJO 17319 b |
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| AN ACT concerning civil law.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Registered Titles (Torrens) Act is amended |
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| by changing Section 102.1 as follows:
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| (765 ILCS 35/102.1)
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| Sec. 102.1. Excess funds.
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| (a) The county board may determine that monies in excess of |
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| the funds
necessary to satisfy judgments obtained or claims |
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| allowed against the indemnity
fund
exist in the indemnity fund. |
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| In determining whether an excess of
monies exists, the county |
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| shall seek such input and gather such information as
is |
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| necessary to assist the county in making the determination. The |
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| input and
information shall include an actuarial study, or such |
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| other studies, input, or
data the county deems appropriate, |
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| whether undertaken at the direction of the
county or by third |
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| parties in connection with the bidding for or offering of
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| insurance to cover the county's obligations under this
Act. If |
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| the county incurs any expense in gathering the information,
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| including the actuarial study, the costs shall be paid from the
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| indemnity fund.
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| (b) The county may purchase private insurance to meet the |
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| county's
obligations under this Act. If the county does
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SB1335 Engrossed |
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LRB096 07233 AJO 17319 b |
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| purchase such insurance, the cost of the insurance shall be |
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| paid out of the
indemnity fund.
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| (c) If the county determines that an excess of monies |
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| exists in the
indemnity fund, the county may transfer the |
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| excess monies to a lead poisoning
prevention fund, and may |
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| expend the monies in accordance with the provisions
of Section |
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| 102.2 of this Act.
The county may also transfer and expend |
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| excess indemnity fund monies for the
benefit of
owners of real |
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| property in the county as the county deems appropriate, |
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| provided
that at least 50% of the aggregate of monies that have |
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| been deemed to be excess
monies have been transferred to the |
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| lead poisoning prevention fund. The county
may not expend any |
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| excess indemnity fund monies for any purpose other than lead
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| poisoning prevention until it has first designed, implemented, |
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| and started
making loan or grant payments under the lead |
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| poisoning prevention program
as provided in Section 102.2.
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| (d) Upon the statutory expiration of all potential |
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| indemnity fund
claims, any monies remaining in the indemnity |
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| fund shall be deemed to be excess
monies and shall be expended |
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| in accordance with the provisions of this
Section.
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| (e) This amendatory Act of the 96th General Assembly does |
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| not preempt, rescind, modify, or revise any local, State, or |
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| federal laws or rules governing lead paint mitigation or |
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| abatement or lead poisoning prevention. |
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| (Source: P.A. 90-778, eff. 8-14-98.)
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| Section 99. Effective date. This Act takes effect upon |