Illinois § 30

§ 30.

Appointment of title insurance agent. (a) The appointment of a title insurance agent must be executed and acknowledged as required by law, as in the case of a deed, and must state all of the following: (1) the identity of the title insurance company as the principal; (2) the identity of the person, partnership, limited partnership, limited liability company, limited liability partnership, or corporation authorized to act as title insurance agent to execute and record certificates of release provided for in this Act on behalf of the title insurance company; (3) that the title insurance agent has the full authority to execute and record certificates of release provided for in this Act on behalf of the title insurance company; (4) the term of appointment of the title insurance agent; and (5) that the title insurance agent has consented to and accepts the terms of the appointment. (b) The delegation to a title insurance agent by a title insurance company shall not relieve the title insurance company of any liability for actual damages as provided in Section 40. (c) A title insurance company may create an instrument, executed by an officer of that company and acknowledged in the same manner as a deed, appointing one or more title insurance agents authorized to issue certificates of release under this Act. This instrument shall designate the county or counties in which it is to be effective and shall be recorded with the recorder in each of those counties, either as an original instrument or by recording a copy certified by the recorder of one of the counties. A separate appointment of title insurance agent shall not be necessary for each certificate of release. The appointment of an agent may be re-recorded where necessary to establish authority of the agent, but the authority shall continue until a revocation of appointment is recorded in the office of the recorder where the appointment of title insurance agent was recorded or on the date, if any, in the recorded appointment document. (Source: P.A. 92-765, eff. 8-6-02.)