IL SB0195

Amends the Title Insurance Act to regulate disbursements from fiduciary trust accounts by title insurance companies, agents, and independent escrowees when handling settlement funds of $50,000 or more from a single party.

Requires funds of $50,000 or greater to be "good funds" (wire transfers, certified/cashier's checks, government checks) or "collected funds" (fully deposited and settled) before disbursement can occur.

Allows an exception for residential real property purchasers whose $50,000+ aggregate can include personal checks up to $5,000 and checks from lawyer or broker trust accounts under $50,000 each, provided reasonable belief of sufficient funds exists.

Permits cashier's, teller's, or certified checks to be treated as good funds when a financial institution and escrowee agree in writing and the check is deposited into the fiduciary trust account before disbursement.

Defines "collected funds" as deposits that are finally settled and credited to the fiduciary trust account, and treats purchasers, sellers, and lenders each as single parties regardless of the number of individuals or entities comprising them.