republic-os/legislation/us/states/il/94th/sb-2718.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	INS-TITLE INS ACT	Amends the Title Insurance Act. Makes changes to definitions of "title insurance business", "title insurance", "title insurance company", "Escrow Agent", and "Independent Escrowee". Changes the definition of "Department" to mean the Department of Financial and Professional Regulation. Replaces references to the Director of Financial Institutions with Secretary of Financial and Professional Regulation and makes corresponding changes to the definition of "Director". Makes changes in provisions concerning deposits, the requirement of a certificate of authority, reinsurance, impairment of capital, discontinuance of issuance of new policies, reserves, the statutory premium reserve, examinations, annual statements, fees, independent escrowees, referral payments and kickbacks, regulatory actions, and violations and penalties. Provides that a title insurance company may continue to issue policies and perform other actions that are required to complete contractual obligations entered into prior to receiving notice from the Secretary to discontinue doing business until its capital has been made good. Requires title insurance companies to maintain reserves for losses independent of any other form of insurance and prohibits the issuance of other lines of insurance. Provides that title insurance agents acting as escrow agents must deposit funds in separate fiduciary accounts unless instructed otherwise. Provides that the funds will not be subject to any debts of the escrowee and can be used only in accordance with the terms of acceptance. Provides that a title insurance agent not qualified as an independent escrowee may act in the capacity of an escrow agent in certain circumstances. Provides that the Secretary may impose a fine for a violation of the Act. Provides standards for receivers and involuntary liquidation. Requires the Secretary of Financial and Professional Regulation to provide notice for any action. Provides that the notice must be made personally or by registered or certified mail, and by telephone facsimile or electronic mail or regular mail. Requires title insurance companies to retain certain records. Makes other changes. Effective immediately.	us/states/il	Illinois General Assembly	94th	SB 2718	Illinois SB 2718 (94th)	bill		enacted		3	26	2	2006-01-20	2006-06-20	openstates	ocd-bill/ba87b0b4-1780-400b-b1de-8451c8287061	http://ilga.gov/legislation/BillStatus.asp?DocNum=2718&GAID=8&DocTypeID=SB&LegId=23670&SessionID=50&GA=94	7fb0328e30aebba2e5502629e6420a4fd60542ff63c35125361a58d9d03f8b8d	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-il

Illinois SB 2718 (94th) — INS-TITLE INS ACT

Amends the Title Insurance Act. Makes changes to definitions of "title insurance business", "title insurance", "title insurance company", "Escrow Agent", and "Independent Escrowee". Changes the definition of "Department" to mean the Department of Financial and Professional Regulation. Replaces references to the Director of Financial Institutions with Secretary of Financial and Professional Regulation and makes corresponding changes to the definition of "Director". Makes changes in provisions concerning deposits, the requirement of a certificate of authority, reinsurance, impairment of capital, discontinuance of issuance of new policies, reserves, the statutory premium reserve, examinations, annual statements, fees, independent escrowees, referral payments and kickbacks, regulatory actions, and violations and penalties. Provides that a title insurance company may continue to issue policies and perform other actions that are required to complete contractual obligations entered into prior to receiving notice from the Secretary to discontinue doing business until its capital has been made good. Requires title insurance companies to maintain reserves for losses independent of any other form of insurance and prohibits the issuance of other lines of insurance. Provides that title insurance agents acting as escrow agents must deposit funds in separate fiduciary accounts unless instructed otherwise. Provides that the funds will not be subject to any debts of the escrowee and can be used only in accordance with the terms of acceptance. Provides that a title insurance agent not qualified as an independent escrowee may act in the capacity of an escrow agent in certain circumstances. Provides that the Secretary may impose a fine for a violation of the Act. Provides standards for receivers and involuntary liquidation. Requires the Secretary of Financial and Professional Regulation to provide notice for any action. Provides that the notice must be made personally or by registered or certified mail, and by telephone facsimile or electronic mail or regular mail. Requires title insurance companies to retain certain records. Makes other changes. Effective immediately.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. Introduced (filed) — source
2. Engrossed (committee substitute) — source
3. Enrolled (enrolled) — source

Votes

• Third Reading — 110–0 (pass) · lower
• Third Reading — 57–0 (pass) · upper

Sponsors

• Don Harmon — primary (person)
• Karen A. Yarbrough — cosponsor (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2006-01-20 Filed with Secretary by Sen. Don Harmon filing
• 2006-01-20 First Reading reading-1
• 2006-01-20 Referred to Rules referral-committee
• 2006-02-08 Assigned to Insurance referral-committee
• 2006-02-15 Do Pass Insurance; 009-000-000 committee-passage
• 2006-02-15 Placed on Calendar Order of 2nd Reading February 16, 2006
• 2006-02-16 Second Reading reading-2
• 2006-02-16 Placed on Calendar Order of 3rd Reading February 22, 2006
• 2006-02-22 Third Reading - Passed; 057-000-000 reading-3, passage
• 2006-02-22 Arrived in House introduction
• 2006-02-22 Placed on Calendar Order of First Reading reading-1
• 2006-02-23 Chief House Sponsor Rep. John A. Fritchey
• 2006-02-23 First Reading reading-1
• 2006-02-23 Referred to Rules Committee referral-committee
• 2006-03-08 Assigned to Insurance Committee referral-committee
• 2006-03-13 Added Alternate Co-Sponsor Rep. Karen A. Yarbrough
• 2006-03-14 Do Pass / Short Debate Insurance Committee; 015-000-000 committee-passage
• 2006-03-14 Placed on Calendar 2nd Reading - Short Debate
• 2006-03-15 Second Reading - Short Debate reading-2
• 2006-03-15 Placed on Calendar Order of 3rd Reading - Short Debate
• 2006-03-23 Third Reading - Short Debate - Passed 110-000-002 reading-3, passage
• 2006-03-23 Passed Both Houses
• 2006-04-21 Sent to the Governor executive-receipt
• 2006-06-20 Governor Approved executive-signature
• 2006-06-20 Effective Date June 20, 2006
• 2006-06-20 Public Act . . . . . . . . . 94-0893 became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/ba87b0b4-1780-400b-b1de-8451c8287061. Confidence: reported (aggregated from official Illinois legislature records).