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Sen. Iris Y. Martinez
Filed: 3/9/2010
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LRB096 15490 RPM 38468 a |
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| AMENDMENT TO SENATE BILL 2510
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| AMENDMENT NO. ______. Amend Senate Bill 2510 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Title Insurance Act is amended by adding |
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| Section 25.5 as follows:
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| (215 ILCS 155/25.5 new) |
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| Sec. 25.5. Named parties on transactions. |
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| (a) For each residential mortgage loan transaction |
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| involving residential real property, as defined in this Act, in |
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| which a title insurance company, title insurance agent, or |
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| independent escrowee engages in handling of escrows, |
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| settlements, or closings, the title insurance company, title |
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| insurance agent, or independent escrowee may not disburse any |
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| proceeds of a residential mortgage loan until the title |
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| insurance company, title insurance agent, or independent |
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| escrowee has received from the person or entity making the |
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09600SB2510sam001 |
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LRB096 15490 RPM 38468 a |
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| residential mortgage loan, or any other person or entity to the |
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| transaction, the names and license or registration numbers, if |
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| applicable, of each financial institution, residential |
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| mortgage licensee, loan originator, real estate appraiser, and |
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| real estate licensee involved in the residential mortgage loan |
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| transaction. |
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| (b) Within 7 days following the settlement date of a |
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| residential mortgage loan transaction, the title insurance |
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| company, title insurance agent, or independent escrowee that |
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| disbursed the proceeds of the residential mortgage loan must |
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| record as part of the mortgage a form that is no longer than |
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| one 8.5 by 11 inch piece of paper or its electronic equivalent, |
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| the names and license or registration numbers, if applicable, |
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| of each financial institution, residential mortgage licensee, |
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| loan originator, real estate appraiser, and real estate |
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| licensee involved in the residential mortgage loan |
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| transaction. |
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| (c) A title insurance company, title insurance agent, or |
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| independent escrowee may not be subject to any liability or be |
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| subject to disciplinary action for any inaccurate or false |
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| information contained in the disclosure required by this |
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| Section if the inaccurate or false information is provided to |
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| the title insurance company, title insurance agent, or |
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| independent escrowee by the person or entity making a |
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| residential mortgage loan, or any other person or entity to the |
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| residential loan transaction, excluding employees or |
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09600SB2510sam001 |
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LRB096 15490 RPM 38468 a |
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| independent contractors of the title insurance company, title |
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| insurance agent, or independent escrowee. |
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| (d) A title insurance company, title insurance agent, or |
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| independent escrowee that makes reasonable efforts to comply |
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| with this Section shall not be subject to disciplinary action |
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| for failing to comply with this Section. Reasonable efforts may |
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| be established by a sworn declaration by the title insurance |
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| company, independent escrowee, or title insurance agent that |
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| all the information contained in the disclosure is true and |
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| correct to the best of the declarant's knowledge.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.".
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