IL HB5824

Excludes limited liability companies from the age requirement (must be 18 years or older) that applies to individual title insurance agent applicants.

Requires all title insurance agent registration applicants to submit a notarized affidavit affirming that the applicant and all owners, officers, directors, principals, members, or managers have never been convicted or pled guilty to felonies or misdemeanors involving theft or dishonesty.

Prohibits any person with a conviction or guilty plea for felonies or misdemeanors involving theft or dishonesty from being registered as a title insurance agent or serving as an owner, officer, director, principal, or manager of a registered agent.

Adds 11 new grounds for the Secretary of Financial and Professional Regulation to refuse, suspend, or revoke title insurance certificates, registrations, or licenses, including fraud in applications, criminal convictions involving dishonesty, discipline by other jurisdictions, misleading advertising, and failure to account for client funds.

Takes effect January 1, 2013.