IL HB4677

Amends the Title Insurance Act Section 26 to establish requirements for when title insurance companies, agents, and independent escrowees can disburse settlement funds from fiduciary trust accounts.

Requires funds of $50,000 or greater from any single party to be "good funds" (wire transfers, cashier's checks, certified checks, or government checks) or "collected funds" (fully deposited and settled funds).

Allows funds under $50,000 to be disbursed if they are collected funds or good funds, with personal checks limited to $5,000 per closing if the escrowee has reasonable grounds to believe sufficient funds exist.

Permits disbursement of $50,000 or greater in cashier's checks, teller's checks, or certified checks if the financial institution and title company agree to use such checks and the check is deposited prior to disbursement.

Takes effect upon becoming law.