Illinois Senate Bill 1777

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 6 2025 - 25% progression
Action: 2025-02-06 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Banking Act. In provisions concerning customer financial records and confidentiality, provides that the language does not prohibit the furnishing of financial information to the executor, executrix, administrator, or other lawful representative of the estate of a customer. Amends the Savings Bank Act and the Illinois Credit Union Act to make the same changes. Amends the Illinois Credit Union Act. Amends the Illinois Trust and Payable on Death Accounts Act. Provides that any holder of an account may elect a per stirpes distribution option to the descendants of a natural person beneficiary if the beneficiary predeceases the last surviving holder of the account. Makes other changes. Amends the Financial Institutions Electronic Documents and Digital Signature Act. In provisions concerning electronic notices, provides that consent to electronic transactions given by the customer under the federal Electronic Signatures in Global and National Commerce Act satisfies applicable consent requirements. Amends the Probate Act of 1975. Provides that any person doing business or performing transactions on behalf of or at the direction of an executor or administrator with a will annexed is entitled to the presumption that the executor or administrator is lawfully authorized to conduct the business or perform the transaction as long as the person verifies that the letters testamentary or administration was issued by the court solely to the executor or administrator. Provides that if the letters testamentary or administration with the will annexed provide for co-executors or co-administrators, the person is entitled to the presumption only when the business or transaction is performed on behalf or at the direction of all listed executors or administrators in the letters. Provides that any person, corporation, or financial institution that conducts business or performs transactions on behalf of or at the direction of an executor or administrator with the will annexed is fully protected and released from liability if the person bases the presumption on the verification of the letters testamentary or administration with the will annexed.

BANKING&PROBATE-FINANCE/NOTICE

Sen. Mark Walker [D]

Date	Chamber	Action
2025-02-06	Senate	Referred to Assignments
2025-02-06	Senate	First Reading
2025-02-06	Senate	Filed with Secretary by Sen. Mark L. Walker

Chapter	Article	Section	Citation Type	Statute Text
205	205	4013	Amended Code	Citation Text
205	305	10	Amended Code	Citation Text
205	5	48.1	Amended Code	Citation Text
205	625	4	Amended Code	Citation Text
205	705	10	Amended Code	Citation Text
755	5	6-13	Amended Code	Citation Text
755	5	6-15	Amended Code	Citation Text
755	5	9-3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1777&GAID=18&DocTypeID=SB&SessionID=114&GA=104
Text	https://www.ilga.gov/legislation/104/SB/10400SB1777.htm