Bill Title: Amends the Illinois Power of Attorney Act. Provides that it is unreasonable for a third party to refuse to honor an Illinois statutory short form power of attorney properly executed in accordance with the laws in effect at the time of its execution, if the only reason for the refusal is any of the following: (1) the power of attorney is not on a form required by the terms of any account agreement between the account holder and third party; (2) there has been a lapse of time since the execution of the power of attorney; (3) on the face of the statutory short form power of attorney, there is a lapse of time between the date of acknowledgment of the signature of the principal and the date of the acceptance by the agent; (4) the document provided does not bear an original signature, original witness, or original notarization but is accompanied by a properly executed Agent's Certification and Acceptance of Authority, Successor Agent's Certification and Acceptance of Authority, or Co-Agent's Certification and Acceptance of Authority bearing the original signature of the named agent; or (5) the document appoints an entity as the agent. Provides that nothing shall be interpreted as prohibiting or limiting a third party from requiring the named agent to furnish a properly executed Agent's Certification and Acceptance of Authority, Successor Agent's Certification and Acceptance of Authority, or Co-Agent's Certification and Acceptance of Authority. Provides multiple reasons for which it shall be deemed reasonable cause for a third party to refuse to honor a power of attorney for property.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-0994 [SB3421 Detail]

Text: Latest bill text (Chaptered) [HTML]

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