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National Association of Independent Land Title Agents
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  • JOIN
  • NEWS
    • Industry News
      • Announcements
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IL: CPL Requirements Have Changed

Under Illinois law, title insurance companies and agents will not be permitted to act as an escrow agent in a commercial or residential closing involving less than $2 million dollars unless a closing protection letter is issued.

The bill mandates the use of closing protection letters (CPLs) for transactions under $2 million dollars and where the authorization for the title insurance agent to act as an escrow agent is not provided by the agency agreement.  The new bill is known as HB 5409.

There is no additional charge for the CPL.

For more information, click here.

Category: Industry NewsSeptember 16, 2010

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News Categories
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DIRECT FROM THE BOARD
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NAILTA BLOG
  • First American Data Leak: What Happened? What Next?
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ANNOUNCEMENTS
  • House Passes Mortgage Choice Act (Again); Proponents Cite “One-Stop Shopping” Myth as Reason
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