TITLE INSURANCE ACT-VARIOUS Senate SponsorsSen. Omar Aquino 1/10/2023SenateSession Sine Die 215 ILCS 155/3from Ch. 73, par. 1403215 ILCS 155/5from Ch. 73, par. 1405215 ILCS 155/12from Ch. 73, par. 1412215 ILCS 155/14from Ch. 73, par. 1414215 ILCS 155/16from Ch. 73, par. 1416215 ILCS 155/18from Ch. 73, par. 1418215 ILCS 155/18.2 new215 ILCS 155/21from Ch. 73, par. 1421215 ILCS 155/19 rep.Amends the Title Insurance Act. Provides that it is unlawful for any person or legal entity to act as or hold itself out to be a title insurance agent without procuring a title insurance license from the Secretary of Financial and Professional Regulation. Provides that every title insurance agent shall pay specified fees. Provides requirements concerning eligibility for title insurance licensure. Grants the Department of Financial and Professional Regulation rulemaking authority for alternate methods of obtaining errors and omissions insurance. Provides requirements concerning rate and service fee filing requirements. Provides that the Secretary shall examine rating organizations at least once every 5 years. Provides that the Secretary may impose a penalty of not more than $5,000 for willful violations of the Act. Provides that the Secretary shall submit a report to the Governor and General Assembly no later than January 1, 2027 regarding separate filings for multiple geographic zones. Provides grounds by which the Secretary may refuse to grant, or suspend or revoke any license issued under the Act or impose a fine. Repeals a provision concerning the Secretary's authority to adjust certain fees. Makes other changes. Effective immediately, except the provisions concerning rate and service fee filing requirements take effect September 1, 2022. 2/17/2021SenateFiled with Secretary by Sen. Omar Aquino 2/17/2021SenateFirst Reading 2/17/2021SenateReferred to Assignments 2/24/2021SenateAssigned to Judiciary 4/16/2021SenateRule 3-9(a) / Re-referred to Assignments 1/10/2023SenateSession Sine Die