HB3064 Summary: Title Insurance Act Amendments

• Requires title insurance agents to obtain a certificate of authority from the Secretary of Financial and Professional Regulation instead of registration by individual title insurance companies.

• Establishes new fees for title insurance agents: $80 for residents, $120 for nonresidents, $80 for renewals, and $120 for reinstatement of lapsed certificates.

• Creates new Section 18.2 establishing comprehensive rate filing requirements including separate geographic zones (Cook, Lake, DuPage, McHenry, Kane, Will, Grundy, Kendall vs. all other counties) and mandating title agents retain 80% and remit 20% of policy premiums to title insurance companies.

• Expands prohibited conduct for title insurance companies and agents to include numerous kickback schemes (paragraphs 5.1-5.24), such as paying referral fees, providing free services, furnishing office supplies, and covering employee salaries.

• Increases penalties for violations including Class A misdemeanor status for certain kickback violations and creates private right of action for actual damages and injunctive relief.

• Effective date: Immediately, except rate filing provisions effective September 1, 2022.