Illinois Department of Financial and Professional Regulation
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Recent News About Illinois Department of Financial and Professional Regulation
An organization which provides services to and promotes the role of attorneys in the title transfer process in real estate transactions has come under the scrutiny of state regulators, which has ordered $14 million in fines for allegedly allowing attorneys who are not registered as title insurance agents to score commissions from the sale of title insurance policies.
A Cook County judge has signed off on an order blocking Illinois state regulators from rolling out new disclosure requirements for attorneys and other agents involved in helping property buyers and lenders obtain title insurance. The legal challenge asserts the state overstepped the law, specifically in requiring attorneys to disclose fees earned in title insurance transactions.
A Cook County judge could soon weigh in on a legal fight between Illinois’ largest association of lawyers and a state regulatory agency, over the question of whether that state agency has the authority to effectively bar Illinois property tax lawyers from offering estimates of a property’s value when representing property owners before a state or county property tax appeal board.