DS-1 Enforcement Clarification

On September 1st, the Illinois Land Title Association (ILTA) submitted a formal request to the Illinois Department of Financial and Professional Regulation (IDFPR) for clarifications regarding enforcement of DS-1 Form regulations.

Questions remain regarding IDFPR’s enforcement being dependent on the types of fees being paid and the business status of a producer and associate. As a result, ILTA requested IDFPR’s enforcement opinions on numerous enforcement scenarios currently taking place in the industry. The association hopes to avoid any ongoing confusion regarding enforcement of the DS-1 and will provide updates as soon as possible regarding IDFPR’s response.

Click here for ILTA’s letter to IDFPR.

For reference, on May 20th, IDFPR agreed to halt implementation of a new 2022 Disclosure of Financial Interest (DS-1) Form and revert to use of the 1997 DS-1 Form for the foreseeable future.

Click here for the settlement agreement and click here for the related memorandum from IDFPR.