IL SB0141

Creates a special income-earning fund called the Title Insurance Consumer Protection Fund in the State Treasury to provide restitution to consumers who suffer monetary losses from transactions regulated by the Title Insurance Act.

Establishes a new fee of $3 per policy directly issued by title insurance companies, payable by February 1 of the following year, with revenue deposited into the Consumer Protection Fund instead of the Financial Institutions Fund.

Authorizes the Secretary of Financial and Professional Regulation to order restitution payments from the Fund, limited to actual losses incurred by consumers, excluding attorney fees and other costs.

Grants the Fund subrogation rights to recover restitution amounts from responsible parties through the Attorney General's office.

Allows the Fund to transfer excess money to the Professions Indirect Cost Fund as authorized under state law, and makes restitution a discretionary matter rather than a consumer right.