Illinois Compiled Statutes 215 Insurance: Article -
- Illinois Title Insurance Act. - 215 ILCS 155, Section 1
This Act may be cited as the Title Insurance Act. (Source: P.A. 86-239.)
- Illinois Title Insurance Act. - 215 ILCS 155, Section 2
Any corporation which has been or shall be incorporated or qualified to do business under the Business Corporation Act of 1983, as now or hereafter...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 3
As used in this Act, the words and phrases following shall have the following meanings unless the context requires otherwise: (1) "Title insurance business" or...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 3.1
Public policy. It is declared to be the public policy of this State, pursuant to subsection (h) of Section 6 of Article VII of...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 4
Deposits. (a) Before doing business in the State of Illinois, a title insurance company must file with and have approved by the Secretary cash or...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 4.1
Minimum capital and surplus. Before doing business in the State of Illinois, a title insurance company must satisfy the Secretary that it has a minimum...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 5
Certificate of authority required. It is unlawful for any company to engage or to continue in the business of title insurance without first procuring from...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 6
Reinsurance. (a) A title insurance company may obtain reinsurance for all or any part of its liability under one or more of its title insurance...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 7
Investments. (a) Subject to the specific provisions of this Section, the Secretary may, after a notice and hearing, order a domestic title insurance company to...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 8
Retained liability. (a) The net retained liability of a title insurance company for a single risk on property located in this State, whether assumed directly...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 9
Impairment of capital; discontinuance of issuance of new policies; penalty. (a) Whenever the capital of any title insurance company authorized to do business under this...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 10
Reserves. All title insurance companies authorized to do business under this Act shall establish and maintain reserves against unpaid losses and loss expenses. Upon receiving...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 11
Statutory premium reserve. (a) A domestic title insurance company shall establish and maintain a statutory premium reserve computed in accordance with this Section. The reserve...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 12
Examinations; compliance. (a) The Secretary or his authorized representative shall have the power and authority, and it shall be his duty, to cause to be...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 13
Annual statement. (a) Each title insurance company shall file with the Department during the month of March of each year, a statement under oath, of...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 14
Fees. (a) Every title insurance company and every independent escrowee subject to this Act shall pay the following fees: (1) for filing the original application...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 14.1
Financial Institution Fund. All moneys received by the Department of Financial and Professional Regulation under this Act shall be deposited in the Financial Institution Fund...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 15
Retaliatory provisions; fees. Whenever the existing or future laws of any State or country shall require of title insurance companies incorporated or organized under the...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 15.1
No taxes to be imposed by political subdivisions. The fees, charges, and taxes provided for by this Act shall be in lieu of all...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 16
Title insurance agents. (a) No person, firm, partnership, association, corporation or other legal entity shall act as or hold itself out to be a title...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 16.1
Closing or settlement protection. (a) Notwithstanding the provisions of item (iii) of paragraph (B) of subsection (1) and subsections (3) and (8) of Section 3...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 17
Independent escrowees. (a) Every independent escrowee shall be subject to the same certification and deposit requirements to which title insurance companies are subject under Section...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 18
No referral payments; kickbacks. (a) Application of this Section is limited to residential properties of 4 or fewer units, at least one of which units...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 18.1
Choice of title insurance company. It is declared to be the public policy of this State that parties to a contract for the sale of...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 19
Secretary powers; pricing. Nothing contained in this Act shall be construed as giving any authority to the Secretary to set or otherwise adjust the fees...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 20
Rules and regulations. The Secretary shall rely upon federal regulations and opinion letters and may adopt rules and regulations as needed to implement and interpret...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 21
Regulatory action. (a) The Secretary may refuse to grant, and may suspend or revoke, any certificate of authority, registration, or license issued pursuant to this...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 21.1
Receiver and involuntary liquidation. (a) The Secretary's proceedings under this Section shall be the exclusive remedy and the only proceedings commenced in any court for...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 21.2
Notice. (a) Notice of any action by the Secretary under this Act or regulations or orders promulgated under it shall be made either personally or...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 21.3
Record retention. Evidence of the examination of title, if any, and determination of insurability for business written by a title insurance company or its title...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 22
Tax indemnity; notice. A corporation authorized to do business under this Act shall notify the Director of Revenue of the State of Illinois, by notice...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 23
Violation; penalties. (a) Any violation of any of the provisions of this Act and, beginning January 1, 2013, any violation of any of the provisions...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 24
Referral fee; penalty. Except as permitted by this Act or by federal law, regulations or opinion letters, no person shall pay or accept, directly or...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 24.5
Non-English language transactions. A title insurance company, title insurance agent, or independent escrowee may conduct transactions in a language other than English through an...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 25
Actual damages; injunctive relief. (a) Any person or persons who violate the prohibitions or limitations of subsection (a) of Section 21 of this Act shall...
- Illinois Title Insurance Act. - 215 ILCS 155, Section 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...
Last modified: February 18, 2015