Legislative Update: HB5538

Wed, March 13, 2024 6:39 AM | Nina Vidmer (Administrator)

Over the last few weeks, IRELA worked with stakeholder partners to ensure harmful new regulatory legislation did not move forward. The Illinois Department of Financial and Professional Regulation (IDFPR) had HB 5538 filed with the intent to provide expansive new powers to investigate, examine, subpoena, and fine regulated entities, such as those broadly involved in title insurance activities.

We communicated with the chairperson of the House Financial Services committee and staff at IDFPR. We ensured our opposition to this bill was known. On March 12, the sponsor of HB 5538 amended the bill in committee instead of moving the original bill. The amendment removed all of the previously proposed new powers. After the hard work of those involved, the bill is now reduced to a simple, technical clean-up of the statute with no substantive provisions harmful to IRELA members.

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