Except as permitted by this Act or by federal law, regulations or opinion letters, no person shall pay or accept, directly or indirectly, any commission, discount, referral fee or other consideration as inducement or compensation for the referral of title business or for the referral of any escrow or other service from a title insurance company, independent escrowee or title insurance agent.
     Any violation of this Section 24 is a Class A misdemeanor.

Attorney's Note

Under the Illinois Statutes, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
Class A misdemeanorup to 1 yearup to $2,500
For details, see § Ill. Comp. Stat. 730 ILCS 5/5-4.5-55

Terms Used In Illinois Compiled Statutes 215 ILCS 155/24

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  Previous section
Next section  
 215 ILCS 155 Contents