Bill Text: IL HB1712 | 2011-2012 | 97th General Assembly | Amended
Bill Title: Amends the Illinois Power of Attorney Act. Defines "excluded power of attorney" to include powers of attorney given primarily for various business, commercial, and governmental purposes. Provides that designated portions of the Act (concerning standard of care and recordkeeping, agency-court relationship, and other matters) do not apply to an excluded power of attorney. Provides that an excluded power of attorney is not revoked by a subsequent power of attorney; it may only be revoked by the mechanism provided in the excluded power of attorney itself, or by a written instrument that makes specific reference to the excluded power of attorney being revoked. Includes a nonacceleration provision.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Vetoed) 2011-11-17 - Bill Dead - No Positive Action Taken - Amendatory Veto [HB1712 Detail]
Download: Illinois-2011-HB1712-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 1712
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| 2 | AMENDMENT NO. ______. Amend House Bill 1712 on page 3, line | ||||||
| 3 | 22, after "institution", by inserting "(i)"; and
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| 4 | on page 3, line 23, immediately after "principal", by inserting | ||||||
| 5 | the following:
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| 6 | ", or (ii) acts as an investment manager with a third-party | ||||||
| 7 | serving as the custodian of such cash, securities, commodities, | ||||||
| 8 | or other financial assets on behalf of the principal".
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