Illinois 2023-2024 Regular Session

Illinois Senate Bill SB1899 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1899 Introduced 2/9/2023, by Sen. Michael W. Halpin SYNOPSIS AS INTRODUCED: 215 ILCS 155/3 from Ch. 73, par. 1403 215 ILCS 155/15.2 new 215 ILCS 155/16 from Ch. 73, par. 1416 215 ILCS 155/16.2 new215 ILCS 155/17.2 new Amends the Title Insurance Act. Provides that the amendatory Act may be referred to as the Title Insurance Reform Act of 2023. Provides that no person, firm, partnership, association, corporation or other legal entity shall act as or hold itself out to be a title insurance agent without first procuring a certificate of authority from the Secretary of Financial and Professional Regulation (rather than unless duly registered by a title insurance company with the Secretary). Provides that a certificate of authority shall remain in effect unless revoked or suspended by the Secretary or voluntarily withdrawn by the holder, or when the holder of the certificate of authority is no longer authorized as a title insurance agent of a title insurance company. Provides that every applicant that is not duly registered as a title insurance agent on the effective date of the amendatory Act shall comply with specified requirements. Provides that the Secretary shall maintain a database of title insurance agents in good standing on a publicly accessible website that any person may use to verify the authority of a particular title insurance agent. Sets forth duties applicable to transactions involving residential real property for title insurance companies, title insurance agents, and independent escrowees. Effective immediately. LRB103 25292 BMS 51637 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1899 Introduced 2/9/2023, by Sen. Michael W. Halpin SYNOPSIS AS INTRODUCED: 215 ILCS 155/3 from Ch. 73, par. 1403 215 ILCS 155/15.2 new 215 ILCS 155/16 from Ch. 73, par. 1416 215 ILCS 155/16.2 new215 ILCS 155/17.2 new 215 ILCS 155/3 from Ch. 73, par. 1403 215 ILCS 155/15.2 new 215 ILCS 155/16 from Ch. 73, par. 1416 215 ILCS 155/16.2 new 215 ILCS 155/17.2 new Amends the Title Insurance Act. Provides that the amendatory Act may be referred to as the Title Insurance Reform Act of 2023. Provides that no person, firm, partnership, association, corporation or other legal entity shall act as or hold itself out to be a title insurance agent without first procuring a certificate of authority from the Secretary of Financial and Professional Regulation (rather than unless duly registered by a title insurance company with the Secretary). Provides that a certificate of authority shall remain in effect unless revoked or suspended by the Secretary or voluntarily withdrawn by the holder, or when the holder of the certificate of authority is no longer authorized as a title insurance agent of a title insurance company. Provides that every applicant that is not duly registered as a title insurance agent on the effective date of the amendatory Act shall comply with specified requirements. Provides that the Secretary shall maintain a database of title insurance agents in good standing on a publicly accessible website that any person may use to verify the authority of a particular title insurance agent. Sets forth duties applicable to transactions involving residential real property for title insurance companies, title insurance agents, and independent escrowees. Effective immediately. LRB103 25292 BMS 51637 b LRB103 25292 BMS 51637 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1899 Introduced 2/9/2023, by Sen. Michael W. Halpin SYNOPSIS AS INTRODUCED:
3	3	215 ILCS 155/3 from Ch. 73, par. 1403 215 ILCS 155/15.2 new 215 ILCS 155/16 from Ch. 73, par. 1416 215 ILCS 155/16.2 new215 ILCS 155/17.2 new 215 ILCS 155/3 from Ch. 73, par. 1403 215 ILCS 155/15.2 new 215 ILCS 155/16 from Ch. 73, par. 1416 215 ILCS 155/16.2 new 215 ILCS 155/17.2 new
4	4	215 ILCS 155/3 from Ch. 73, par. 1403
5	5	215 ILCS 155/15.2 new
6	6	215 ILCS 155/16 from Ch. 73, par. 1416
7	7	215 ILCS 155/16.2 new
8	8	215 ILCS 155/17.2 new
9	9	Amends the Title Insurance Act. Provides that the amendatory Act may be referred to as the Title Insurance Reform Act of 2023. Provides that no person, firm, partnership, association, corporation or other legal entity shall act as or hold itself out to be a title insurance agent without first procuring a certificate of authority from the Secretary of Financial and Professional Regulation (rather than unless duly registered by a title insurance company with the Secretary). Provides that a certificate of authority shall remain in effect unless revoked or suspended by the Secretary or voluntarily withdrawn by the holder, or when the holder of the certificate of authority is no longer authorized as a title insurance agent of a title insurance company. Provides that every applicant that is not duly registered as a title insurance agent on the effective date of the amendatory Act shall comply with specified requirements. Provides that the Secretary shall maintain a database of title insurance agents in good standing on a publicly accessible website that any person may use to verify the authority of a particular title insurance agent. Sets forth duties applicable to transactions involving residential real property for title insurance companies, title insurance agents, and independent escrowees. Effective immediately.
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13	13	SB1899LRB103 25292 BMS 51637 b SB1899 LRB103 25292 BMS 51637 b
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15	15	1 AN ACT concerning regulation.
16	16	2 Be it enacted by the People of the State of Illinois,
17	17	3 represented in the General Assembly:
18	18	4 Section 1. This Act may be referred to as the Title
19	19	5 Insurance Reform Act of 2023.
20	20	6 Section 5. The Title Insurance Act is amended by changing
21	21	7 Sections 3 and 16 and by adding Sections 15.2, 16.2, and 17.2
22	22	8 as follows:
23	23	9 (215 ILCS 155/3) (from Ch. 73, par. 1403)
24	24	10 Sec. 3. As used in this Act, the words and phrases
25	25	11 following shall have the following meanings unless the context
26	26	12 requires otherwise:
27	27	13 (1) "Title insurance business" or "business of title
28	28	14 insurance" means:
29	29	15 (A) Issuing as insurer or offering to issue as insurer
30	30	16 title insurance; and
31	31	17 (B) Transacting or proposing to transact one or more
32	32	18 of the following activities when conducted or performed in
33	33	19 contemplation of or in conjunction with the issuance of
34	34	20 title insurance;
35	35	21 (i) soliciting or negotiating the issuance of
36	36	22 title insurance;
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40	40	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1899 Introduced 2/9/2023, by Sen. Michael W. Halpin SYNOPSIS AS INTRODUCED:
41	41	215 ILCS 155/3 from Ch. 73, par. 1403 215 ILCS 155/15.2 new 215 ILCS 155/16 from Ch. 73, par. 1416 215 ILCS 155/16.2 new215 ILCS 155/17.2 new 215 ILCS 155/3 from Ch. 73, par. 1403 215 ILCS 155/15.2 new 215 ILCS 155/16 from Ch. 73, par. 1416 215 ILCS 155/16.2 new 215 ILCS 155/17.2 new
42	42	215 ILCS 155/3 from Ch. 73, par. 1403
43	43	215 ILCS 155/15.2 new
44	44	215 ILCS 155/16 from Ch. 73, par. 1416
45	45	215 ILCS 155/16.2 new
46	46	215 ILCS 155/17.2 new
47	47	Amends the Title Insurance Act. Provides that the amendatory Act may be referred to as the Title Insurance Reform Act of 2023. Provides that no person, firm, partnership, association, corporation or other legal entity shall act as or hold itself out to be a title insurance agent without first procuring a certificate of authority from the Secretary of Financial and Professional Regulation (rather than unless duly registered by a title insurance company with the Secretary). Provides that a certificate of authority shall remain in effect unless revoked or suspended by the Secretary or voluntarily withdrawn by the holder, or when the holder of the certificate of authority is no longer authorized as a title insurance agent of a title insurance company. Provides that every applicant that is not duly registered as a title insurance agent on the effective date of the amendatory Act shall comply with specified requirements. Provides that the Secretary shall maintain a database of title insurance agents in good standing on a publicly accessible website that any person may use to verify the authority of a particular title insurance agent. Sets forth duties applicable to transactions involving residential real property for title insurance companies, title insurance agents, and independent escrowees. Effective immediately.
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49	49	LRB103 25292 BMS 51637 b
50	50	A BILL FOR
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56	56	215 ILCS 155/3 from Ch. 73, par. 1403
57	57	215 ILCS 155/15.2 new
58	58	215 ILCS 155/16 from Ch. 73, par. 1416
59	59	215 ILCS 155/16.2 new
60	60	215 ILCS 155/17.2 new
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79	79	1 (ii) guaranteeing, warranting, or otherwise
80	80	2 insuring the correctness of title searches for all
81	81	3 instruments affecting titles to real property, any
82	82	4 interest in real property, cooperative units and
83	83	5 proprietary leases, and for all liens or charges
84	84	6 affecting the same;
85	85	7 (iii) handling of escrows, settlements, or
86	86	8 closings;
87	87	9 (iv) executing title insurance policies;
88	88	10 (v) effecting contracts of reinsurance;
89	89	11 (vi) abstracting, searching, or examining titles;
90	90	12 or
91	91	13 (vii) issuing insured closing letters or closing
92	92	14 protection letters;
93	93	15 (C) Guaranteeing, warranting, or insuring searches or
94	94	16 examinations of title to real property or any interest in
95	95	17 real property, with the exception of preparing an
96	96	18 attorney's opinion of title; or
97	97	19 (D) Guaranteeing or warranting the status of title as
98	98	20 to ownership of or liens on real property and personal
99	99	21 property by any person other than the principals to the
100	100	22 transaction; or
101	101	23 (E) Doing or proposing to do any business
102	102	24 substantially equivalent to any of the activities listed
103	103	25 in this subsection, provided that the preparation of an
104	104	26 attorney's opinion of title pursuant to paragraph (1)(C)
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115	115	1 is not intended to be within the definition of "title
116	116	2 insurance business" or "business of title insurance".
117	117	3 (1.5) "Title insurance" means insuring, guaranteeing,
118	118	4 warranting, or indemnifying owners of real or personal
119	119	5 property or the holders of liens or encumbrances thereon or
120	120	6 others interested therein against loss or damage suffered by
121	121	7 reason of liens, encumbrances upon, defects in, or the
122	122	8 unmarketability of the title to the property; the invalidity
123	123	9 or unenforceability of any liens or encumbrances thereon; or
124	124	10 doing any business in substance equivalent to any of the
125	125	11 foregoing. "Warranting" for purpose of this provision shall
126	126	12 not include any warranty contained in instruments of
127	127	13 encumbrance or conveyance. Title insurance is a single line
128	128	14 form of insurance, also known as monoline. An attorney's
129	129	15 opinion of title pursuant to paragraph (1)(C) is not intended
130	130	16 to be within the definition of "title insurance".
131	131	17 (2) "Title insurance company" means any domestic company
132	132	18 organized under the laws of this State for the purpose of
133	133	19 conducting the business of title insurance and any title
134	134	20 insurance company organized under the laws of another State,
135	135	21 the District of Columbia or foreign government and authorized
136	136	22 to transact the business of title insurance in this State.
137	137	23 (3) "Title insurance agent" means a person, firm,
138	138	24 partnership, association, corporation or other legal entity
139	139	25 that is the holder of a certificate of authority provided
140	140	26 pursuant to Section 16 and that is authorized registered by a
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151	151	1 title insurance company to solicit title insurance, collect
152	152	2 title insurance premiums and endorsement charges, perform core
153	153	3 title services, and, if authorized by a title insurance
154	154	4 company, and authorized by such company to determine
155	155	5 insurability of title in accordance with generally acceptable
156	156	6 underwriting rules and standards in reliance on either the
157	157	7 public records or a search package prepared from a title
158	158	8 plant, or both, and authorized by such title insurance company
159	159	9 in addition to do any of the following: act as an escrow agent
160	160	10 pursuant to Sections subsections (f), (g), and (h) of Section
161	161	11 16, 16.1, and 16.2 of this Act, solicit title insurance,
162	162	12 collect premiums, or issue title insurance commitments,
163	163	13 policies, and endorsements of the title insurance company;
164	164	14 provided, however, the term "title insurance agent" shall not
165	165	15 include officers and salaried employees of any title insurance
166	166	16 company.
167	167	17 (4) "Producer of title business" is any person, firm,
168	168	18 partnership, association, corporation or other legal entity
169	169	19 engaged in this State in the trade, business, occupation or
170	170	20 profession of (i) buying or selling interests in real
171	171	21 property, (ii) making loans secured by interests in real
172	172	22 property, or (iii) acting as broker, agent, attorney, or
173	173	23 representative of natural persons or other legal entities that
174	174	24 buy or sell interests in real property or that lend money with
175	175	25 such interests as security.
176	176	26 (5) "Associate" is any firm, association, partnership,
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187	187	1 corporation or other legal entity organized for profit in
188	188	2 which a producer of title business is a director, officer, or
189	189	3 partner thereof, or owner of a financial interest, as defined
190	190	4 herein, in such entity; any legal entity that controls, is
191	191	5 controlled by, or is under common control with a producer of
192	192	6 title business; and any natural person or legal entity with
193	193	7 whom a producer of title business has any agreement,
194	194	8 arrangement, or understanding or pursues any course of conduct
195	195	9 the purpose of which is to evade the provisions of this Act.
196	196	10 (6) "Financial interest" is any ownership interest, legal
197	197	11 or beneficial, except ownership of publicly traded stock.
198	198	12 (7) "Refer" means to place or cause to be placed, or to
199	199	13 exercise any power or influence over the placing of title
200	200	14 business, whether or not the consent or approval of any other
201	201	15 person is sought or obtained with respect to the referral.
202	202	16 (8) "Escrow Agent" means any title insurance company or
203	203	17 any title insurance agent, including independent contractors
204	204	18 of either, acting on behalf of a title insurance company,
205	205	19 which receives deposits, in trust, of funds or documents, or
206	206	20 both, for the purpose of effecting the sale, transfer,
207	207	21 encumbrance or lease of real property to be held by such escrow
208	208	22 agent until title to the real property that is the subject of
209	209	23 the escrow is in a prescribed condition. An escrow agent
210	210	24 conducting closings shall be subject to the provisions of
211	211	25 Sections paragraphs (1) through (4) of subsection (e) of
212	212	26 Section 16, 16.1, and 16.2 of this Act.
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223	223	1 (9) "Independent Escrowee" means any firm, person,
224	224	2 partnership, association, corporation or other legal entity,
225	225	3 other than a title insurance company or a title insurance
226	226	4 agent, which receives deposits, in trust, of funds or
227	227	5 documents, or both, for the purpose of effecting the sale,
228	228	6 transfer, encumbrance or lease of real property to be held by
229	229	7 such escrowee until title to the real property that is the
230	230	8 subject of the escrow is in a prescribed condition. Federal
231	231	9 and State chartered banks, savings and loan associations,
232	232	10 credit unions, mortgage bankers, banks or trust companies
233	233	11 authorized to do business under the Illinois Corporate
234	234	12 Fiduciary Act, licensees under the Consumer Installment Loan
235	235	13 Act, real estate brokers licensed pursuant to the Real Estate
236	236	14 License Act of 2000, as such Acts are now or hereafter amended,
237	237	15 and licensed attorneys when engaged in the attorney-client
238	238	16 relationship are exempt from the escrow provisions of this
239	239	17 Act. "Independent Escrowee" does not include employees or
240	240	18 independent contractors of a title insurance company or title
241	241	19 insurance agent authorized by a title insurance company to
242	242	20 perform closing, escrow, or settlement services.
243	243	21 (10) "Single risk" means the insured amount of any title
244	244	22 insurance policy, except that where 2 or more title insurance
245	245	23 policies are issued simultaneously covering different estates
246	246	24 in the same real property, "single risk" means the sum of the
247	247	25 insured amounts of all such title insurance policies. Any
248	248	26 title insurance policy insuring a mortgage interest, a claim
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259	259	1 payment under which reduces the insured amount of a fee or
260	260	2 leasehold title insurance policy, shall be excluded in
261	261	3 computing the amount of a single risk to the extent that the
262	262	4 insured amount of the mortgage title insurance policy does not
263	263	5 exceed the insured amount of the fee or leasehold title
264	264	6 insurance policy.
265	265	7 (11) "Department" means the Department of Financial and
266	266	8 Professional Regulation.
267	267	9 (12) "Secretary" means the Secretary of Financial and
268	268	10 Professional Regulation.
269	269	11 (13) "Insured closing letter" or "closing protection
270	270	12 letter" means an indemnification or undertaking to a party to
271	271	13 a real property transaction, from a principal such as a title
272	272	14 insurance company, setting forth in writing the extent of the
273	273	15 principal's responsibility for intentional misconduct or
274	274	16 errors in closing the real property transaction on the part of
275	275	17 a settlement agent, such as a title insurance agent or other
276	276	18 settlement service provider, or an indemnification or
277	277	19 undertaking given by a title insurance company or an
278	278	20 independent escrowee setting forth in writing the extent of
279	279	21 the title insurance company's or independent escrowee's
280	280	22 responsibility to a party to a real property transaction which
281	281	23 indemnifies the party against the intentional misconduct or
282	282	24 errors in closing the real property transaction on the part of
283	283	25 the title insurance company or independent escrowee and
284	284	26 includes protection afforded pursuant to subsections (p), (q),
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295	295	1 and (r) (f), (g), and (h) of Section 16, Section 16.1,
296	296	2 subsection (h) of Section 17, and Section 17.1 of this Act even
297	297	3 if such protection is afforded by contract.
298	298	4 (14) "Residential real property" means a building or
299	299	5 buildings consisting of one to 4 residential units or a
300	300	6 residential condominium unit where at least one of the
301	301	7 residential units or condominium units is occupied or intended
302	302	8 to be occupied as a residence by the purchaser or borrower, or
303	303	9 in the event that the purchaser or borrower is the trustee of a
304	304	10 trust, by a beneficiary of that trust.
305	305	11 (15) "Financial institution" means any bank subject to the
306	306	12 Illinois Banking Act, any savings and loan association subject
307	307	13 to the Illinois Savings and Loan Act of 1985, any savings bank
308	308	14 subject to the Savings Bank Act, any credit union subject to
309	309	15 the Illinois Credit Union Act, and any federally chartered
310	310	16 commercial bank, savings and loan association, savings bank,
311	311	17 or credit union organized and operated in this State pursuant
312	312	18 to the laws of the United States.
313	313	19 (16) "Core title services" means:
314	314	20 (A) review and evaluation of title, tax, judgment,
315	315	21 lien, and other searches or search products, private title
316	316	22 plant records, records of grantor-grantee and other
317	317	23 indices, public records and other records, and any other
318	318	24 information and materials which are relevant to a
319	319	25 particular property and transaction to determine
320	320	26 insurability of title to the property;
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331	331	1 (B) issuance of title commitments on behalf of a title
332	332	2 insurance company, including the determination of the
333	333	3 conditions under which the title insurance company will
334	334	4 issue the required title insurance policies;
335	335	5 (C) determination of, in accordance with applicable
336	336	6 law and the title insurance company's underwriting
337	337	7 requirements, principles, or guidelines, whether or not
338	338	8 underwriting objections stated on the title insurance
339	339	9 commitments may be cleared and the circumstances under
340	340	10 which the objections will be waived or insured before
341	341	11 issuance of the title insurance policies; and
342	342	12 (D) issuance of required title insurance policies when
343	343	13 all conditions for the issuance have been satisfied.
344	344	14 (17) "Title search" means any abstract of title, tract,
345	345	15 tax, judgment, or lien searches, limited purpose searches, and
346	346	16 any other searches and search products, private title plant
347	347	17 records, records of grantor-grantee and other indices, public
348	348	18 records and other records, property inspections, records
349	349	19 related to the status of title to land, and any other
350	350	20 information, materials, and transactions that are relevant to
351	351	21 a particular residential real property.
352	352	22 (Source: P.A. 100-485, eff. 9-8-17.)
353	353	23 (215 ILCS 155/15.2 new)
354	354	24 Sec. 15.2. Title insurance company duties.
355	355	25 (a) This Section applies only to transactions involving
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366	366	1 residential real property.
367	367	2 (b) In the conduct of its title insurance business, every
368	368	3 title insurance company shall:
369	369	4 (1) Post and publish its current rates and charges
370	370	5 associated with its title insurance business with a clear
371	371	6 and complete description thereof; including, without
372	372	7 limitation, title insurance premiums, endorsements to
373	373	8 policies, fees for services as an escrow agent, and all
374	374	9 other services and products it provides; conspicuously in
375	375	10 its offices and on its websites, social media, and
376	376	11 digital, electronic, online, and any other platforms and
377	377	12 places that are intended to be visited or viewed by the
378	378	13 public. Title insurance companies must also provide their
379	379	14 registered title insurance agents with the posted and
380	380	15 published rates and charges. A title insurance company
381	381	16 must not make a charge which exceeds its published rates
382	382	17 and charges. This subsection (b) does not apply to special
383	383	18 risk title insurance and endorsement premiums, general
384	384	19 advertising, and marketing in media not controlled by the
385	385	20 title insurance company, but any such advertising shall
386	386	21 contain information, such as an Internet web address or a
387	387	22 hyperlink, to a website where the published rates and
388	388	23 charges can be viewed by the public.
389	389	24 (2) Require all of its title insurance agents to
390	390	25 perform, at a minimum in each transaction, all core title
391	391	26 services as a condition to that title insurance agent's
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402	402	1 compensation as set forth in the agency contract, and may
403	403	2 not interfere with, assume in whole or in part, or prevent
404	404	3 the title insurance agent's performance of any core title
405	405	4 service.
406	406	5 (3) Agree upon the terms of the agency in writing with
407	407	6 its title insurance agents; the terms shall include that
408	408	7 the title insurance agent must perform, at a minimum, all
409	409	8 core title services as a condition of the title insurance
410	410	9 agent's compensation for each title insurance product and
411	411	10 endorsement issued and the compensation that the title
412	412	11 insurance agent shall receive for the performance of such
413	413	12 core title services. Compensation to the title insurance
414	414	13 agent for the performance of core title services shall be
415	415	14 as stated in the written agency contract.
416	416	15 (4) Share title insurance premiums and endorsement
417	417	16 charges only with its title insurance agent performing the
418	418	17 core title services in a transaction.
419	419	18 (5) Agree in writing with any title insurance agent to
420	420	19 which the title insurance company provides products or
421	421	20 services that are not core title services but are related
422	422	21 to the title insurance agent's performance of core title
423	423	22 services and are included in the cost of the title
424	424	23 insurance premiums and endorsements, such as, if
425	425	24 applicable, title searches, underwriting research
426	426	25 assistance, quality control, document recording, retention
427	427	26 of title documentation, commitment and policy typing, or
428	428
429	429
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438	438	1 other products and services to the title insurance agent;
439	439	2 the written agreement must set forth, at a minimum, a
440	440	3 description of the products and services to be provided
441	441	4 and the compensation to be paid for such products and
442	442	5 services; such compensation must be commensurate with the
443	443	6 actual value of the products and services.
444	444	7 (6) Retain any remedy or right of action against its
445	445	8 title insurance agent as provided in any law, rule, or
446	446	9 regulation for the title insurance agent's failure to
447	447	10 perform its obligations under the written agency contract,
448	448	11 underwriting requirements, or otherwise as provided by
449	449	12 law.
450	450	13 (c) In any residential real property transaction in which
451	451	14 a title insurance company acts as an escrow agent pursuant to
452	452	15 any provision in this Act:
453	453	16 (1) A title insurance company's current rates and
454	454	17 charges for its products and services rendered as an
455	455	18 escrow agent must be included in the posting and
456	456	19 publication provided for in subsection (b).
457	457	20 (2) A title insurance company shall disburse all title
458	458	21 insurance premiums and endorsement charges as directed by
459	459	22 the title insurance agent performing core title services
460	460	23 under Section 16.2 at the time of settlement or closing.
461	461	24 The disbursements shall be in accordance with the written
462	462	25 agency or other contracts between the title insurance
463	463	26 agent and the title insurance company acting as the escrow
464	464
465	465
466	466
467	467
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474	474	1 agent in the transaction and the distributions shall be
475	475	2 clearly and unambiguously disclosed on any applicable
476	476	3 closing disclosure or settlement statement and delivered
477	477	4 to the parties to the transaction at the time of closing or
478	478	5 settlement.
479	479	6 (3) A title insurance company shall not share or allow
480	480	7 to be shared, either directly or indirectly, any of its
481	481	8 compensation for its service as an escrow agent or other
482	482	9 products or services with any title insurance agent except
483	483	10 as provided in this Section. Any payment which is contrary
484	484	11 to this paragraph (3) is a prohibited inducement or
485	485	12 compensation for a referral in violation of Section 24.
486	486	13 (d) Nothing in this Section shall be construed to restrict
487	487	14 or impair a title insurance company's right or ability to
488	488	15 determine and promulgate its underwriting requirements,
489	489	16 principles, and conditions for insuring any risk that would be
490	490	17 covered in a policy of insurance or an endorsement to a policy,
491	491	18 or to educate, instruct, or inform its title insurance agents
492	492	19 as to its underwriting requirements generally or in a
493	493	20 particular transaction or otherwise. Nothing in this Section
494	494	21 shall be construed to restrict or impair a title insurance
495	495	22 company's right or ability to determine and charge special
496	496	23 risk title insurance and endorsement premiums that are
497	497	24 different from the posted or published rates and premiums, or
498	498	25 to waive or vary from its title insurance underwriting
499	499	26 requirements, principles, and conditions for insuring any risk
500	500
501	501
502	502
503	503
504	504
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507	507
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510	510	1 that would be covered in a policy of insurance or an
511	511	2 endorsement to a policy in any given case as it, in its sole
512	512	3 discretion, may decide.
513	513	4 (215 ILCS 155/16) (from Ch. 73, par. 1416)
514	514	5 Sec. 16. Title insurance agents.
515	515	6 (a) No person, firm, partnership, association, corporation
516	516	7 or other legal entity shall act as or hold itself out to be a
517	517	8 title insurance agent without first procuring a certificate of
518	518	9 authority from the Secretary. A certificate of authority shall
519	519	10 remain in effect unless revoked or suspended by the Secretary,
520	520	11 voluntarily withdrawn by the holder, or the holder of the
521	521	12 certificate of authority is no longer authorized as a title
522	522	13 insurance agent of a title insurance company unless duly
523	523	14 registered by a title insurance company with the Secretary.
524	524	15 (b) Each application for a certificate of authority
525	525	16 registration shall be made on a form specified by the
526	526	17 Secretary and prepared by each title insurance company which
527	527	18 the agent represents. The title insurance company shall retain
528	528	19 the copy of the application and forward a copy to the
529	529	20 Secretary.
530	530	21 (c) Every applicant for a certificate of authority
531	531	22 registration, except a firm, partnership, association, limited
532	532	23 liability company, or corporation, must be 18 years or more of
533	533	24 age. Included in every application for a certificate of
534	534	25 authority registration of a title insurance agent, including a
535	535
536	536
537	537
538	538
539	539
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541	541
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545	545	1 firm, partnership, association, limited liability company, or
546	546	2 corporation, shall be an affidavit of the applicant title
547	547	3 insurance agent, signed and notarized in front of a notary
548	548	4 public, affirming that the applicant and every owner, officer,
549	549	5 director, principal, member, or manager of the applicant has
550	550	6 never been convicted or pled guilty to any felony or
551	551	7 misdemeanor involving a crime of theft or dishonesty or
552	552	8 otherwise accurately disclosing any such felony or misdemeanor
553	553	9 involving a crime of theft or dishonesty. No person who has had
554	554	10 a conviction or pled guilty to any felony or misdemeanor
555	555	11 involving theft or dishonesty may qualify for a certificate of
556	556	12 authority be registered by a title insurance company without a
557	557	13 written notification to the Secretary disclosing the
558	558	14 conviction or plea, and no such person may serve as an owner,
559	559	15 officer, director, principal, or manager of any registered
560	560	16 title insurance agent without the written permission of the
561	561	17 Secretary.
562	562	18 (d) Every applicant that is not duly registered as a title
563	563	19 insurance agent on the effective date of this amendatory Act
564	564	20 of the 103rd General Assembly shall: Registration shall be
565	565	21 made annually by a filing with the Secretary; supplemental
566	566	22 registrations for new title insurance agents to be added
567	567	23 between annual filings shall be made from time to time in the
568	568	24 manner provided by the Secretary; registrations shall remain
569	569	25 in effect unless revoked or suspended by the Secretary or
570	570	26 voluntarily withdrawn by the registrant or the title insurance
571	571
572	572
573	573
574	574
575	575
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578	578
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581	581	1 company.
582	582	2 (1) Successfully complete a 4-year course of study in
583	583	3 a high school or secondary school approved by the state in
584	584	4 which the school is located, or possess a State of
585	585	5 Illinois High School Diploma, which shall be verified
586	586	6 under oath by the applicant.
587	587	7 (2) Pass an examination that is designed to determine
588	588	8 the competency of the applicant to conduct the business of
589	589	9 a title agent and knowledge of basic real property law and
590	590	10 title insurance procedures. The applicant shall file with
591	591	11 its application satisfactory proof that the applicant has
592	592	12 passed the competency examination. The Department shall
593	593	13 have the authority to adopt administrative rules to
594	594	14 approve testing providers, establish the testing
595	595	15 procedures, including, but not limited to, the
596	596	16 requirements for passing the examination, and the content
597	597	17 of the examination that shall, at a minimum, determine the
598	598	18 competency of an applicant in the following subject
599	599	19 matters and any other subject matter which the Secretary
600	600	20 may determine to be basic and essential to the competent
601	601	21 conduct of the business of a title insurance agent, which
602	602	22 must include, at a minimum:
603	603	23 (i) the Title Insurance Act and its requirements;
604	604	24 (ii) Illinois real property law, including, but
605	605	25 not limited to, forms of ownership, conveyancing,
606	606	26 transfers on death, taxes, judgments, liens, surveys;
607	607
608	608
609	609
610	610
611	611
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617	617	1 (iii) basic knowledge of the federal Real Estate
618	618	2 Settlement Procedures Act;
619	619	3 (iv) core title services; and
620	620	4 (v) title examinations and methods, title
621	621	5 objections, policy and endorsement forms, waivers of
622	622	6 policy exceptions, and escrow procedures.
623	623	7 (e) The requirements of subsection (d) do not apply to
624	624	8 applicants who are admitted to practice law by the Supreme
625	625	9 Court of Illinois and who are in active standing.
626	626	10 (f) The Secretary shall issue a certificate of authority
627	627	11 to conduct business as a title insurance agent upon
628	628	12 determination that an applicant has passed the required
629	629	13 examination and is otherwise in compliance with this Act and
630	630	14 all applicable laws.
631	631	15 (g) Any title insurance agent who is registered on the
632	632	16 effective date of this amendatory Act of the 103rd General
633	633	17 Assembly may continue to conduct the business of title
634	634	18 insurance as a title insurance agent for a period of 90 days
635	635	19 after the effective date of this amendatory Act of the 103rd
636	636	20 General Assembly and shall be issued a certificate of
637	637	21 authority upon the filing by a title insurance company with
638	638	22 the Secretary a written agency agreement that complies with
639	639	23 this Act within 90 days after the effective date of this
640	640	24 amendatory Act of the 103rd General Assembly.
641	641	25 (h) A title insurance company shall annually file with the
642	642	26 Secretary a list of all title insurance agents authorized to
643	643
644	644
645	645
646	646
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653	653	1 conduct the business of title insurance as an agent of the
654	654	2 title insurance company. Supplemental filings for new title
655	655	3 insurance agents to be added between annual filings shall be
656	656	4 made from time to time in the manner provided by the Secretary.
657	657	5 A title insurance company shall immediately notify the
658	658	6 Secretary of any title insurance agent whose agency has been
659	659	7 terminated, and shall immediately file with the Secretary any
660	660	8 new title insurance agency agreement that replaces an
661	661	9 agreement already on file or which has been revised or amended
662	662	10 in any way.
663	663	11 (i) The Secretary shall maintain a database of title
664	664	12 insurance agents in good standing on a publicly accessible
665	665	13 website that any person may use to verify the authority of a
666	666	14 particular title insurance agent.
667	667	15 (j) (e) Funds deposited in connection with any escrows,
668	668	16 settlements, or closings shall be deposited in a separate
669	669	17 fiduciary trust account or accounts in a bank or other
670	670	18 financial institution insured by an agency of the federal
671	671	19 government unless the instructions provide otherwise. The
672	672	20 funds shall be the property of the person or persons entitled
673	673	21 thereto under the provisions of the escrow, settlement, or
674	674	22 closing and shall be segregated by escrow, settlement, or
675	675	23 closing in the records of the escrow agent. The funds shall not
676	676	24 be subject to any debts of the escrowee and shall be used only
677	677	25 in accordance with the terms of the individual escrow,
678	678	26 settlement, or closing under which the funds were accepted.
679	679
680	680
681	681
682	682
683	683
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689	689	1 Interest received on funds deposited with the escrow agent
690	690	2 in connection with any escrow, settlement, or closing shall be
691	691	3 paid to the depositing party unless the instructions provide
692	692	4 otherwise.
693	693	5 The escrow agent shall maintain separate records of all
694	694	6 receipts and disbursements of escrow, settlement, or closing
695	695	7 funds.
696	696	8 The escrow agent shall comply with any rules adopted by
697	697	9 the Secretary pertaining to escrow, settlement, or closing
698	698	10 transactions.
699	699	11 (k) A title insurance agent shall not act as an escrow
700	700	12 agent in a residential real property transaction unless the
701	701	13 title insurance agent files with the Secretary and the
702	702	14 Secretary approves cash or bonds of the United States, this
703	703	15 State, or any body politic of this State in the amounts
704	704	16 specified in subsection (l). The deposit is not to be
705	705	17 otherwise pledged or subject to distribution among creditors
706	706	18 or stockholders until all claims of escrow depositors have
707	707	19 been paid in full or discharged, reinsured, or otherwise
708	708	20 assumed by a title insurance company authorized to do business
709	709	21 under this Act. The cash, bonds, and securities so deposited
710	710	22 may be exchanged for other such securities. No such cash,
711	711	23 bond, or security shall be sold or transferred by the
712	712	24 Secretary except on order of the circuit court or as provided
713	713	25 in subsection (o). The company shall be permitted to receive
714	714	26 from the Secretary the interest on the deposit as long as the
715	715
716	716
717	717
718	718
719	719
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722	722
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725	725	1 company depositing such securities remains solvent.
726	726	2 (l) The deposit required under subsection (k) must have a
727	727	3 then current value of $500,000. All deposits shall be held for
728	728	4 the benefit of any named party to a written escrow it accepted.
729	729	5 The deposit is not to be otherwise pledged or subject to
730	730	6 distribution among creditors or stockholders.
731	731	7 (m) The Secretary may provide for custody of the deposits
732	732	8 by any trust company or bank located in this State and
733	733	9 qualified to do business under the Corporate Fiduciary Act.
734	734	10 The compensation, if any, of such custodian shall be paid by
735	735	11 the depositing company. When the required deposits have been
736	736	12 made by a title insurance agent that intends to act as an
737	737	13 escrow agent in any residential real property transaction, the
738	738	14 Secretary shall certify that the title insurance agent has
739	739	15 complied with the provisions of this Section and is authorized
740	740	16 to transact the business of a title insurance agent acting as
741	741	17 an escrow agent in residential real property transactions.
742	742	18 (n) Before doing business in the State of Illinois in a
743	743	19 residential real property transaction, an escrow agent must
744	744	20 file with and have approved by the Secretary proof of a
745	745	21 fidelity bond in the minimum amount of $1,000,000 per
746	746	22 occurrence, errors and omissions insurance in the minimum
747	747	23 amount of $1,000,000 per occurrence, and cybercrime insurance
748	748	24 coverage in the minimum amount of $500,000 per occurrence. The
749	749	25 insurance policies required shall be issued by insurers that
750	750	26 are authorized to conduct such insurance business in the State
751	751
752	752
753	753
754	754
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761	761	1 of Illinois. The title insurance agent may not conduct title
762	762	2 insurance business as an escrow agent unless the deposit,
763	763	3 fidelity bond, errors and omissions insurance, and cybercrime
764	764	4 insurance coverage required by this Section are continuously
765	765	5 maintained.
766	766	6 (o) The Secretary may revoke the certificate of authority
767	767	7 of a title insurance agent acting as an escrow agent that fails
768	768	8 to maintain the deposit, fidelity bond, errors and omissions
769	769	9 insurance, or cybercrime insurance coverage required by this
770	770	10 Section. The Secretary shall give notice of that revocation to
771	771	11 such title insurance agent as provided by this Act, and during
772	772	12 the time of the revocation the title insurance agent may not
773	773	13 conduct any title insurance business as an escrow agent. A
774	774	14 revocation shall not be set aside until the title insurance
775	775	15 agent has filed with and has been approved by the Secretary in
776	776	16 accordance with the requirements of this Section and the title
777	777	17 insurance agent is otherwise in compliance with this Act.
778	778	18 (p) (f) A title insurance agent shall not act as an escrow
779	779	19 agent in a nonresidential real property transaction where the
780	780	20 amount of settlement funds on deposit with the escrow agent is
781	781	21 less than $2,000,000 or in a residential real property
782	782	22 transaction unless the title insurance agent, title insurance
783	783	23 company, or another authorized title insurance agent has
784	784	24 committed for the issuance of title insurance in that
785	785	25 transaction and the title insurance agent is authorized to act
786	786	26 as an escrow agent on behalf of the title insurance company for
787	787
788	788
789	789
790	790
791	791
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794	794
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797	797	1 which the commitment for title insurance has been issued. The
798	798	2 authorization under the preceding sentence shall be given
799	799	3 either (1) by an agency contract with the title insurance
800	800	4 company which contract, in compliance with the requirements
801	801	5 set forth in subsection (q) (g) of this Section, authorizes
802	802	6 the title insurance agent to act as an escrow agent on behalf
803	803	7 of the title insurance company or (2) by a closing protection
804	804	8 letter in compliance with the requirements set forth in
805	805	9 Section 16.1 of this Act, issued by the title insurance
806	806	10 company to the seller, buyer, borrower, and lender. A closing
807	807	11 protection letter shall not be issued by a title insurance
808	808	12 agent. The provisions of this subsection (f) shall not apply
809	809	13 to the authority of a title insurance agent to act as an escrow
810	810	14 agent under subsection (g) of Section 17 of this Act.
811	811	15 (q) (g) If an agency contract between the title insurance
812	812	16 company and the title insurance agent is the source of the
813	813	17 authority under subsection (p) (f) of this Section for a title
814	814	18 insurance agent to act as escrow agent for a real property
815	815	19 transaction, then the agency contract shall provide for no
816	816	20 less protection from the title insurance company to all
817	817	21 parties to the real property transaction than the title
818	818	22 insurance company would have provided to those parties had the
819	819	23 title insurance company issued a closing protection letter in
820	820	24 conformity with Section 16.1 of this Act.
821	821	25 (r) (h) A title insurance company shall be liable for the
822	822	26 acts or omissions of its title insurance agent as an escrow
823	823
824	824
825	825
826	826
827	827
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830	830
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833	833	1 agent if the title insurance company has authorized the title
834	834	2 insurance agent under subsections (p) through (q) (f) and (g)
835	835	3 of this Section 16 and only to the extent of the liability
836	836	4 undertaken by the title insurance company in the agency
837	837	5 agreement or closing protection letter. The liability, if any,
838	838	6 of the title insurance agent to the title insurance company
839	839	7 for acts and omissions of the title insurance agent as an
840	840	8 escrow agent shall not be limited or otherwise modified
841	841	9 because the title insurance company has provided closing
842	842	10 protection to a party or parties to a real property
843	843	11 transaction escrow, settlement, or closing. The escrow agent
844	844	12 shall not charge a fee for protection provided by a title
845	845	13 insurance company to parties to real property transactions
846	846	14 under subsections (p) through (q) (f) and (g) of this Section
847	847	15 16 and Section 16.1, but shall collect from the parties the fee
848	848	16 charged by the title insurance company and shall promptly
849	849	17 remit the fee to the title insurance company. The title
850	850	18 insurance company may charge the parties a reasonable fee for
851	851	19 protection provided pursuant to subsections (p) through (q)
852	852	20 (f) and (g) of this Section 16 and Section 16.1 and shall not
853	853	21 pay any portion of the fee to the escrow agent. The payment of
854	854	22 any portion of the fee to the escrow agent by the title
855	855	23 insurance company, shall be deemed a prohibited inducement or
856	856	24 compensation in violation of Section 24 of this Act.
857	857	25 (s) (i) The Secretary shall adopt and amend such rules as
858	858	26 may be required for the proper administration and enforcement
859	859
860	860
861	861
862	862
863	863
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865	865
866	866
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869	869	1 of this Section 16 consistent with the federal Real Estate
870	870	2 Settlement Procedures Act and Section 24 of this Act.
871	871	3 (Source: P.A. 98-398, eff. 1-1-14; 98-832, eff. 1-1-15;
872	872	4 99-104, eff. 1-1-16.)
873	873	5 (215 ILCS 155/16.2 new)
874	874	6 Sec. 16.2. Title insurance agent duties.
875	875	7 (a) This Section shall apply only to transactions
876	876	8 involving residential real property.
877	877	9 (b) In the conduct of its title insurance business, every
878	878	10 title insurance agent shall:
879	879	11 (1) Post and publish the current rates and charges of
880	880	12 each of its title insurance company principals, as
881	881	13 provided by the title insurance company, conspicuously in
882	882	14 its offices and on its websites, social media, and
883	883	15 digital, electronic, online, and any other platforms and
884	884	16 places that are intended to be visited or viewed by the
885	885	17 public. A title insurance agent shall not make a charge
886	886	18 that exceeds the published rates and charges. This
887	887	19 subsection (b) does not apply to special risk title
888	888	20 insurance and endorsements premiums, general advertising,
889	889	21 and marketing in media not controlled by the title
890	890	22 insurance agent, but any such advertising shall contain
891	891	23 information, such as an Internet web address or a
892	892	24 hyperlink, to a website where such published rates and
893	893	25 charges can be viewed by the public.
894	894
895	895
896	896
897	897
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904	904	1 (2) Agree upon the terms of the agency in writing with
905	905	2 each title insurance company for which it is a registered
906	906	3 agent; the terms shall include that the title insurance
907	907	4 agent must perform, at a minimum, all core title services
908	908	5 as a condition of the title insurance agent's compensation
909	909	6 for each title insurance product and endorsement issued,
910	910	7 and the compensation that the title insurance agent shall
911	911	8 receive for the performance of such core title services.
912	912	9 Compensation received by the title insurance agent for the
913	913	10 performance of core title services shall not exceed that
914	914	11 which is stated in the written agency contract.
915	915	12 (3) Enter into an agreement in writing with any escrow
916	916	13 agent or title insurance agent that provides products or
917	917	14 services that are not core title services but that are
918	918	15 related to the title insurance agent's performance of core
919	919	16 title services and are included in the title insurance and
920	920	17 endorsements premiums, such as, if applicable, title
921	921	18 searches, underwriting research assistance, quality
922	922	19 control, document recording, retention of title
923	923	20 documentation, commitment and policy typing, or other
924	924	21 products and services to the title insurance agent; the
925	925	22 agreement shall set forth, at a minimum, a description of
926	926	23 the product and services to be provided and the
927	927	24 compensation to be paid for such products and services;
928	928	25 such compensation shall be commensurate with the actual
929	929	26 value of such products and services.
930	930
931	931
932	932
933	933
934	934
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936	936
937	937
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939	939	SB1899 - 26 - LRB103 25292 BMS 51637 b
940	940	1 (4) Perform, at a minimum, all core title services;
941	941	2 core title services shall not be duplicative of any
942	942	3 professional or other service rendered in a transaction as
943	943	4 a condition of its compensation as set forth in the agency
944	944	5 agreement.
945	945	6 (5) Direct the escrow agent or independent escrowee as
946	946	7 to the disbursement at the time of settlement or closing
947	947	8 of title insurance premiums and endorsement charges to the
948	948	9 title insurance company in accordance with its agency
949	949	10 contract and to the escrow agent in accordance with its
950	950	11 written agreement. All such disbursements shall be clearly
951	951	12 and unambiguously disclosed on any applicable closing
952	952	13 disclosure and settlement statement and delivered to the
953	953	14 parties to the transaction at the time of closing or
954	954	15 settlement.
955	955	16 (6) Not share or allow to be shared, either directly
956	956	17 or indirectly, any of its compensation for any products or
957	957	18 services charged directly to a party in the transaction
958	958	19 with any other title insurance agent except as provided in
959	959	20 this Section. Any payment which is contrary to this
960	960	21 paragraph (6) is a prohibited inducement or compensation
961	961	22 for a referral in violation of Section 24.
962	962	23 (c) In any transaction in which a title insurance agent
963	963	24 acts as an escrow agent pursuant to Sections 16, 16.1, and 16.2
964	964	25 of this Act or any other provision in this Act:
965	965	26 (1) The title insurance agent's current rates and
966	966
967	967
968	968
969	969
970	970
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972	972
973	973
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975	975	SB1899 - 27 - LRB103 25292 BMS 51637 b
976	976	1 charges for its products and services rendered as an
977	977	2 escrow agent shall be included in the posting and
978	978	3 publication provided for in subsection (b). An escrow
979	979	4 agent shall not make any charge that exceeds its published
980	980	5 rates and charges.
981	981	6 (2) The escrow agent shall disburse all title
982	982	7 insurance premiums and endorsement charges as directed by
983	983	8 the title insurance agent performing core title services
984	984	9 at the time of settlement or closing of the transaction.
985	985	10 The disbursement shall include payment for any products or
986	986	11 services that are not core title services but that are
987	987	12 related to the title insurance agent's performance of core
988	988	13 title services and are included in the cost of the title
989	989	14 insurance premiums and endorsements, such as, if
990	990	15 applicable, title searches, underwriting research
991	991	16 assistance, quality control, document recording, retention
992	992	17 of title documentation, commitment and policy typing, or
993	993	18 other products and services to the title insurance agent
994	994	19 that were supplied to the title insurance agent by an
995	995	20 escrow agent or other title insurance agent. The
996	996	21 disbursements shall be in accordance with the written
997	997	22 agency or other agreement between the title insurance
998	998	23 agent and escrow agent or other title insurance agent in
999	999	24 the transaction and the distributions shall be clearly and
1000	1000	25 unambiguously disclosed on any applicable closing
1001	1001	26 disclosure or settlement statement and delivered to the
1002	1002
1003	1003
1004	1004
1005	1005
1006	1006
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1008	1008
1009	1009
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1012	1012	1 parties to the transaction at the time of closing or
1013	1013	2 settlement.
1014	1014	3 (3) The escrow agent shall not share or allow to be
1015	1015	4 shared, either directly or indirectly, any of its
1016	1016	5 compensation for its service as an escrow agent or other
1017	1017	6 products or services charged directly to a party in the
1018	1018	7 transaction with any other title insurance agent except as
1019	1019	8 provided in this Section. Any payment that is contrary to
1020	1020	9 this paragraph (3) is a prohibited inducement or
1021	1021	10 compensation for a referral in violation of Section 24.
1022	1022	11 (215 ILCS 155/17.2 new)
1023	1023	12 Sec. 17.2. Independent escrowee duties.
1024	1024	13 (a) This Section shall apply only to transactions
1025	1025	14 involving residential real property.
1026	1026	15 (b) In the conduct of its escrow, settlement, or closing
1027	1027	16 business, and its operation as an escrow, settlement, or
1028	1028	17 closing agent as provided in Section 17, every independent
1029	1029	18 escrowee shall:
1030	1030	19 (1) Post and publish the current rates and charges
1031	1031	20 associated with its performance of the services and
1032	1032	21 obligations as an independent escrowee and all other
1033	1033	22 services and products it provides with a clear and
1034	1034	23 complete description thereof conspicuously in its offices
1035	1035	24 and on its websites, social media, and digital,
1036	1036	25 electronic, online, and any other platforms and places
1037	1037
1038	1038
1039	1039
1040	1040
1041	1041
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1043	1043
1044	1044
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1046	1046	SB1899 - 29 - LRB103 25292 BMS 51637 b
1047	1047	1 that are intended to be visited or viewed by the public. An
1048	1048	2 independent escrowee shall not make a charge that exceeds
1049	1049	3 the published rates and charges. This paragraph (1) shall
1050	1050	4 not apply to general advertising and marketing in media
1051	1051	5 not controlled by the independent escrowee, but any such
1052	1052	6 advertising shall contain information, such as an Internet
1053	1053	7 web address or a hyperlink, to a website where such
1054	1054	8 published rates and charges can be viewed by the public.
1055	1055	9 (2) Disburse all title insurance premiums and
1056	1056	10 endorsement charges as directed by the title insurance
1057	1057	11 agent performing core title services under subsection (c)
1058	1058	12 of Section 16.2 at the time of settlement or closing. All
1059	1059	13 such disbursements shall be clearly and unambiguously
1060	1060	14 disclosed on any applicable closing disclosure or
1061	1061	15 settlement statement and delivered to the parties to the
1062	1062	16 transaction at the time of closing or settlement.
1063	1063	17 (c) An independent escrowee shall not share or allow to be
1064	1064	18 shared any of its compensation for its escrow and settlement
1065	1065	19 services with any title insurance company or title insurance
1066	1066	20 agent except as provided in this Section. Any payment that is
1067	1067	21 contrary to this subsection (c) is a prohibited inducement or
1068	1068	22 compensation for a referral in violation of Section 24.
1069	1069	23 Section 99. Effective date. This Act takes effect upon
1070	1070	24 becoming law.
1071	1071
1072	1072
1073	1073
1074	1074
1075	1075
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