HB4941 Summary

• Converts title insurance agent registration to a licensing system administered by the Secretary of Financial and Professional Regulation, replacing company-based registration.

• Requires license applicants to complete 8 credit hours of pre-licensing education and pass an examination with a 70% score covering ethical practices, title insurance fundamentals, Illinois property law, core title agent services, and federal settlement procedures.

• Establishes exemptions from examination and education requirements for attorneys in good standing, holders of recognized title professional designations, and agents with 10+ years of prior registration.

• Mandates errors and omissions insurance coverage of at least $250,000 per claim and $500,000 aggregate for all licensed agents.

• Requires pre-licensing and continuing education providers to obtain Department certification, with courses subject to Department approval within 60 days of submission.