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SB 2648

Mississippi Recall Act of 2025; enact.

2025 Regular Session Introduced by Jeremy England

Transfers title insurance regulation from DFPR to the Department of Insurance, consolidating oversight and records; funds redirected to the Insurance Financial Regulation Fund.

Died In Committee
#accountability #efficiency #transparency #elections
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Bill Summary · SB 2648

Summary — SB 2648 (Illinois, 104th General Assembly, 2025)

Note: the packet provided contains conflicting metadata (a title referencing a “Mississippi Recall Act of 2025”) but the bill text and sponsors clearly describe Illinois Senate Bill 2648 (introduced by Sen. Bill Cunningham, co‑sponsored by Sen. Paul Faraci). This summary treats the actual bill text, which concerns title insurance regulation and agency transfers in Illinois.

Main purpose

SB 2648 would transfer responsibility for administering and enforcing the Illinois Title Insurance Act (and related program authority) from the Department of Financial and Professional Regulation (DFPR) to the Department of Insurance (DOI). It makes related statutory, fund, and rule‑making conforming changes across several Acts.

Key provisions

  • Transfers enforcement and administration of the Title Insurance Act from the DFPR to the Department of Insurance, and transfers associated powers from the Secretary/DFPR Director to the Director/Department of Insurance.
  • Provides for the transfer to DOI of books, records, papers, documents, property, contracts, pending business, causes of action, and certain funds related to title insurance regulation.
  • Declares that rules and proposed rules adopted by DFPR under the Title Insurance Act become rules/proposed rules of DOI.
  • Changes the deposit destination for moneys received under the Title Insurance Act: into the Insurance Financial Regulation Fund (instead of the Financial Institution Fund).
  • Makes conforming amendments in the Financial Institutions Act and the State Finance Act to reflect the transfer.
  • Transfers authority over the predatory lending database (in the Residential Real Property Disclosure Act) from DFPR to DOI.
  • Adds/edits numerous sections of the Title Insurance Act (Sections 3–23 and adds 3.5) to reflect the administrative transfer and related definitions/procedures.

Who is affected

  • State agencies: DFPR (losing authority over title insurance) and the Department of Insurance (gaining authority and resources).
  • Title insurance industry: insurers, title agents, and related service providers will answer to DOI rather than DFPR for licensing, examinations, enforcement, and rule compliance.
  • State financial/fund administration: the Financial Institution Fund and the Insurance Financial Regulation Fund will be affected by the redirected fee and penalty receipts.
  • Users of the predatory lending database (real estate professionals, regulators) will interface with DOI after transfer.

Procedural status and timeline

  • Introduced/Filed: March–April 2025 (filed by Sen. Bill Cunningham; co‑sponsor Sen. Paul Faraci added April 29, 2025).
  • Committee referrals noted in the record (Assignments; Water, Agriculture & Rural Affairs; committees related to Elections, Accountability, Efficiency, Transparency appear in the file).
  • Status: Recorded as "Died In Committee" (the provided timeline entries contain some inconsistent dates). HB 3831 is listed as the companion bill.

Potential impacts / considerations

  • Administrative consolidation could centralize insurance‑related oversight in DOI, possibly improving consistency with other insurance regulation but requiring interagency transition work.
  • Transfer of funds and records will require implementation steps (record transfers, rule re‑filings, notice to licensees).
  • Rule continuity is preserved by converting DFPR rules to DOI rules, reducing immediate regulatory disruption.
  • Financial impacts depend on fund balances and appropriations; shifting receipts into the Insurance Financial Regulation Fund could change how administrative costs are covered.

If you want, I can:
- Extract and summarize the specific amendments to each renamed section of the Title Insurance Act,
- Compare this bill’s transfer approach to prior Illinois agency transfers,
- Or draft a short memo on operational steps DOI would need to implement the transfer.

Compiled from official sources — confirm details with the bill’s official record.

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