In the News
Presented by Frank
Pellegrini, CEO, Prairie Title
August 15, 2018
Bill to Amend Title Act Introduced in Springfield
A bill introduced
by Illinois Rep. Jeanne Ives in late July
would amend the Illinois Title Insurance Act to allow the Secretary of
Financial and Professional Regulation to refuse, suspend or revoke the authority
of attorneys to act as title agents in the same transaction wherein they
represent a party to the transaction. It is quite unusual for a new bill to be
introduced during a veto session of the legislature. We all need to keep a
close eye on how this develops. You may consider contacting your
representatives in the General Assembly to voice your position.
Have
you Visited our New Web Site?
PrairieTitle.com has been revised and
revamped, and we’re really excited about the new look and feel. There’s great information for you and for
home buyers and sellers. Take a look, and pass the Internet address on to
your customers. There they will find answers to most of their closing and
title insurance questions and a new
rate estimator calculator that is under the Attorney and Consumer buttons.
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Title Act
task force: The
Illinois Land Title Association recently formed a task force which aims to
recommend changes to the Title Insurance Act, and I have been asked to play a
part in the discussions. I will let you know when updates become available.
In Washington:
ALTA recently issued a press
release thanking the Treasury for making recommendations for improvements
to the home closing process. Treasury consulted with ALTA leadership while
preparing the report, which identifies hurdles in the market and offers
recommendations to improve the electronic closing and recording process.
On a
personal note: ALTA
CEO Michelle Korsmo recently announced that she is leaving
the organization after 10 highly successful years leading the title industry’s
trade group. Under Michelle’s leadership,
ALTA has doubled its membership and revenue. Also, in the past few years, the
association has instituted an industry-wide licensing program as well as a
best-practices standard. Michelle will be missed.