Attorneys’ Title Guaranty Fund Files Suit, Seeks TRO & Writ of Prohibition
As a quick update to the current status of the DS-1, four (4) members of Illinois Real Estate Lawyers Association’s board met on Tuesday with John Lartz and Bryan Tiller of the Illinois Department of Financial & Professional Regulation. Peter Birnbaum from Attorneys’ Title Guaranty Fund was instrumental in making this happen.
First and foremost, it is worth noting that the fourth version of the form is markedly better than the original. And IRELA has worked diligently to convey our concerns. But problems remain.
Chief among IRELA’s current concerns are whether IDFPR has the authority to compel lawyers to disclose their attorney fees at the onset of the transaction, and to cast attorneys in a negative light through their selected language (whether intended or not).
While both Mr. Lartz and Mr. Tiller were very cordial at Tuesday’s meeting and appeared to listen, there was no definitive decision from them as to whether any additional changes would be made to the current iteration of the form. There was also no indication as to whether there would be any further delays to implementation — irrespective of whether there were more changes (as of now, July 1 is still the date they have set).
Mindful that we are now just a few days away from July 1, ATG has taken the initiative to file a lawsuit in the Circuit Court of Cook County (Case No. 2018-CH-08133). The suit seeks an injunction, as well as a writ of prohibition. (You can read the complaint online by clicking here.)
In the interim, the hearing on a temporary restraining order is scheduled for Friday, June 29 at 2:00pm.
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