Illinois Senate Bill 1992

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-03-10 - Rule 3-9(a) / Re-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. Provides that the provisions do not prohibit the furnishing of financial information to the executor, executrix, administrator, or other lawful representative of the estate of a customer. Amends the Illinois Credit Union Act. Provides that the provisions do not prohibit the furnishing of financial information to the executor, executrix, administrator, or other lawful representative of the estate of a member. 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 pursuant to the federal Electronic Signatures in Global and National Commerce Act shall satisfy 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 shall be entitled to the presumption that the executor or administrator with the will annexed is lawfully authorized to conduct the business or perform the transaction without such person investigating the source of the authority and without verifying that the actions of the executor or administrator with the will annexed comply with a will or any order of the probate court, unless such person has actual knowledge to the contrary.

BANKING&PROBATE-FINANCE/NOTICE

Sen. Meg Loughran Cappel [D]

Date	Chamber	Action
2023-03-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2023-03-08	Senate	To Financial Institutions Subcommitee on Special Issues
2023-02-21	Senate	Assigned to Financial Institutions
2023-02-09	Senate	Referred to Assignments
2023-02-09	Senate	First Reading
2023-02-09	Senate	Filed with Secretary by Sen. Meg Loughran Cappel

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	6-15	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1992&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1992.htm