summary
Introduced
04/10/2025
04/10/2025
In Committee
01/27/2026
01/27/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Title Insurance Act. Provides for the enforcement of the Act by the Department of Insurance (rather than the Department of Financial and Professional Regulation). Provides that all powers, duties, rights, and responsibilities of the Department of Financial and Professional Regulation and the Secretary of Financial and Professional Regulation under the Act are transferred to the Department of Insurance and Director of Insurance, respectively. Provides for the transfer of books, records, papers, documents, property, contracts, causes of action, pending business, and certain funds from the Department of Financial and Professional Regulation to the Department of Insurance. Provides that rules and proposed rules by the Department of Financial and Professional Regulation under the Act shall become rules and proposed rules of the Department of Insurance. Provides that all moneys received by the Department of Insurance under the Act shall be deposited into the Insurance Financial Regulation Fund (rather than the Financial Institution Fund). Makes conforming and grammatical changes throughout the Act. Amends the State Finance Act and the Financial Institutions Act to make conforming changes. Amends the Residential Real Property Disclosure Act to transfer authority over the predatory lending database from the Department of Financial and Professional Regulation to the Department of Insurance.
AI Summary
This bill transfers the enforcement responsibilities of the Title Insurance Act and the predatory lending database program from the Department of Financial and Professional Regulation to the Department of Insurance. Specifically, all powers, duties, rights, and responsibilities previously held by the Department of Financial and Professional Regulation and its Secretary will now be transferred to the Department of Insurance and its Director. This includes transferring all books, records, documents, contracts, and pending business related to these areas. All existing rules and proposed rules will automatically become rules of the Department of Insurance, and any pending rules in the rulemaking process will be deemed filed by the Department of Insurance. The bill makes numerous technical changes throughout the affected statutes to replace references to the previous department and secretary with references to the Department of Insurance and its Director. The bill ensures that the status and rights of employees will not be affected by this transfer, maintaining their existing protections under personnel codes, labor relations acts, and collective bargaining agreements. The changes aim to consolidate regulatory oversight of title insurance and predatory lending database functions under a single state department.
Committee Categories
Justice
Sponsors (2)
Last Action
Rule 2-10 Committee Deadline Established As March 27, 2026 (on 03/13/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2648&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB2648.htm |
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