Topic:
Title Insurance Act
(Mulroe, D-Chicago; Lang, D-Skokie) carves out an exception to the prohibition against a title insurance company, title insurance agent, or independent escrowee making disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts. The exception that Senate Bill 3180 creates is if the funds are good funds and the title insurance company, title insurance agent, or independent escrowee and the financial institution are known to each other and agree to the use of these funds. Passed the Senate this spring and scheduled for a hearing Tuesday in House Executive Committee.