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SB 2111 Illinois Senate · 96th Regular Session

TITLE INS - DISBURSEMENTS

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 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. Sets forth definitions for "good funds" and "collected funds". Effective January 1, 2010.
Bill status signed all 5 stages cleared
Introduction
Apr 2009
Committee Review
May 2009
Senate Passage
May 2009
House Passage
May 2009
Signed into Law
Aug 2009
Introduced Apr 2, 2009 Signed Aug 24, 2009
Floor votes · Senate May 27, 2009 · House May 19, 2009

How they voted

57–0
Passed · 1 other
Total votes 58
May 27, 2009
D Democratic36
35 Yea 1
97% Yea
R Republican22
22 Yea
100% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
42
Key actions
9
Committee
11
Amendments
8
Aug 24, 2009
Signed into law
Governor Approved
upper
May 27, 2009
Upper · Passed
Passed Both Houses
upper
May 27, 2009
Upper · Passed
House Committee Amendment No. 1 Senate Concurs 057-000-002
upper
May 26, 2009
Upper · Passed
House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 009-000-000
upper
May 22, 2009
Committee
House Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary
upper
May 21, 2009
Committee
House Committee Amendment No. 1 Motion to Concur Referred to Assignments
upper
May 19, 2009
Introduced
Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 20, 2009
upper
May 19, 2009
Introduced
Secretary's Desk - Concurrence House Amendment(s) 1
upper
May 19, 2009
House · Passed
House Vote: pass (107-0-6)
house
Apr 29, 2009
Lower · Passed
Do Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 013-000-000
lower
Apr 29, 2009
Lower · Passed
House Committee Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote
lower
Apr 29, 2009
Introduced
House Committee Amendment No. 1 Filed with Clerk by Judiciary I - Civil Law Committee
lower
Apr 20, 2009
Committee
Assigned to Judiciary I - Civil Law Committee
lower
Apr 2, 2009
Committee
Referred to Rules Committee
lower
Apr 2, 2009
Introduced
Arrived in House
lower
Apr 1, 2009
Upper · Passed
Senate Floor Amendment No. 1 Adopted; Harmon
upper
Mar 31, 2009
Introduced
Senate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 008-000-000
upper
Mar 25, 2009
Introduced
Senate Floor Amendment No. 1 Assignments Refers to Judiciary
upper
Mar 24, 2009
Committee
Senate Floor Amendment No. 1 Referred to Assignments
upper
Mar 24, 2009
Introduced
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon
upper
Mar 11, 2009
Upper · Passed
Do Pass Judiciary; 011-000-000
upper
Mar 4, 2009
Committee
Assigned to Judiciary
upper
Feb 20, 2009
Committee
Referred to Assignments
upper
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.