§ 217.1 — Real estate transaction closing agents

Illinois § 217.1

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 820: EMPLOYMENT
• Act 820 ILCS 405/: Unemployment Insurance Act.

Text

(a) The term "employment" does not include services performed by an individual as a real estate transaction closing agent when the individual has entered into a contract that specifies the relationship of the individual to the title insurance company to be that of an independent contractor and not that of an employee and is compensated on a per closing basis. For purposes of this Section, a "real estate transaction closing agent" is an individual assigned by a title insurance company solely to ensure that the execution of documents related to the closing of a real estate sale or the refinancing of a real estate loan and the disbursement of closing funds are in conformity with the instructions of the entity financing the transaction, or in a cash transaction, to assure proper disbursement of funds as directed by parties having an interest in the transaction. (b) Subsection (a) shall not apply to any services that are required to be covered as a condition of approval of this Act by the United States Secretary of Labor under Section 3304(a)(6)(A) of the Federal Unemployment Tax Act.

Legislative History

(Source: P.A. 89-649, eff. 8-9-96.)