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🚨 Illinois Title Pros: Heads up
Illinois Senate Bill 2648 (SB2648), introduced in April 2025, proposes a significant reorganization of regulatory oversight within the state's financial services sector. Specifically, the bill seeks to transfer the enforcement authority of the Title Insurance Act and the administration of the predatory lending database program from the Department of Financial and Professional Regulation (DFPR) to the Department of Insurance (DOI).
Key Provisions of SB2648:
Transfer of Regulatory Authority: All powers, duties, rights, and responsibilities currently held by the DFPR and its Secretary under the Title Insurance Act would be transferred to the DOI and its Director. This includes the enforcement of regulations and oversight of title insurance practices.
Reallocation of Resources: The bill mandates the transfer of all relevant books, records, documents, property, contracts, pending business, and funds associated with the Title Insurance Act and the predatory lending database from the DFPR to the DOI.
Rule Continuity: Existing rules and proposed rules established by the DFPR under the Title Insurance Act would become the rules and proposed rules of the DOI, ensuring regulatory continuity during the transition.
Financial Adjustments: All monies received by the DOI under the Title Insurance Act would be deposited into the Insurance Financial Regulation Fund, replacing the previous practice of depositing into the Financial Institution Fund.
Amendments to Related Acts: The bill includes conforming changes to the State Finance Act and the Financial Institutions Act to reflect the transfer of authority. Additionally, it amends the Residential Real Property Disclosure Act to shift the administration of the predatory lending database to the DOI.
Implications of Illinois SB2648 for the Title Insurance and Real Estate Industries:
If enacted, SB2648 would centralize regulatory oversight of title insurance and predatory lending programs within the Department of Insurance. This consolidation aims to streamline regulatory processes and potentially enhance the efficiency of oversight. Title insurance companies, real estate professionals, and other stakeholders should monitor the progress of this bill, as its implementation would necessitate adjustments to compliance practices and interactions with state regulatory bodies.
As of the latest update, SB2648 has been referred to the Senate Assignments Committee and awaits further legislative action.
Additional Resources
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