JCAR Prohibits Department Filing of CPL Rules

May 2, 2011 by

JCAR Prohibits Department Filing of CPL Rules

ILTA Legislative Co-Chair Patrick Quist, ILTA Past President Paul Cozzi, our lobbyist and staff met with regulators and key members of the Illinois House of Representatives that sit on the Joint Committee on Administrative Rules (JCAR) to discuss the reasons to accept the drafted rules by DFI for implementing the new Closing Protection Letter law (CPL). It was noted that the only objection to the rule lied with the Illinois Association of Realtors. At a May 10th meeting of JCAR, the Committee voted to “prohibit” the filing of the rules, which in effect gave the Department additional time to work out agreed language in the rule. It also gave the Department additional time to prepare an advisory statement that further explains the intent of the rule.

While few laws are ever perfect, ILTA volunteer leaders and Board of Directors worked long hours over the course of a full year to insure that any CPL legislation proposed by the Department did not impede upon the agent / underwriter relationship.

Yesterday (5/19/11), ILTA met with the JCAR staff, the Department and a representative for the Realtors. The meeting was productive. The realtors have removed their opposition based on the revised rule language. The realtor’s stated that they were not taking a position on the Department’s statement. The Department will file a response to the filing prohibition that was entered last week.  The response will include the new language that is being submitted.  It is everyone’s understanding that there is no additional notice period and the proposed rule will be placed on the hearing calendar for the June JCAR meeting in Chicago. Vickie Thomas, Executive Director of JCAR,  felt that the rule will have a strong  chance of passage.

Mike Rooney indicated that the Department is working to get the Statement up on the Department’s website in conjunction with passage of the rule. Among some housekeeping changes to the title act, the amended rule language will substitute the language “fair, adequate and non-discriminatory” in place of language stating a fee amount. The Department’s advisory statement will address fee amounts.

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