THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: IL2023001
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Bulletin: IL2023001
V
5
Date: January 03, 2023
To:
All Illinois Issuing Offices
RE:
LEGISTLATIVE UPDATE - ILLINOIS LEGISLATIVE UPDATES
Dear Associates:
Public Act 102-927- Conveyance Act, Special Warranty Deed Effective January 1, 2023.
- Updates the conveyances act by creating a statutory form for special warranty deeds to standardize this form of deed. Provides language to codify the limitations and coverages of a Special Warranty Deed. Clarifying legislation may be considered in 2023 for issues such as confirmation of grantee information.
- To review the revised statute, please follow the link provided here.
- As with all deeds presented for the purposes of insuring, Stewart Title will require that the deed be in recordable format and specify a grantor and grantee.
Public Act 102-160- Electronic and Remote Online Notarization (RON) Effective January 1, 2022, pending implementation.
- Authorizes the State of Illinois to implement programs and procedures allowing Illinois notaries public to perform notarizations remotely online and on documents transmitted, signed and notarized electronically. Though the effective date of the legislation is January 1, 2022, the effective date of implementation will occur in the future when administrative rules are adopted by the Secretary of State.
- As of the date of this bulletin, the Secretary of State has not finalized the administrative rules for IL notaries; however, all notaries should prepare for the new regulations as some will go into effect immediately.
- All IL Notaries must comply with the Notarial Journal Requirement, whether electronic or not. This portion of the act may be in effect as soon as January 17, 2023.
- All IL Notaries will be required to participate in a course of study and examination upon a new commission appointment or a renewal of an existing commission.
- For a complete list of the Secretary of State’s pending administrative rules, please follow this link.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None