Bill Text: IL SB3421 | 2023-2024 | 103rd General Assembly | Chaptered

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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]

Download: Illinois-2023-SB3421-Chaptered.html

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Public Act 103-0994
SB3421 Enrolled LRB103 37783 JRC 67912 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Power of Attorney Act is amended
by changing Section 2-8 as follows:
(755 ILCS 45/2-8) (from Ch. 110 1/2, par. 802-8)
Sec. 2-8. Reliance on document purporting to establish an
agency.
(a) Any person who acts in good faith reliance on a copy of
a document purporting to establish an agency will be fully
protected and released to the same extent as though the
reliant had dealt directly with the named principal as a
fully-competent person. The named agent shall furnish an
affidavit or Agent's Certification and Acceptance of Authority
to the reliant on demand stating that the instrument relied on
is a true copy of the agency and that, to the best of the named
agent's knowledge, the named principal is alive and the
relevant powers of the named agent have not been altered or
terminated; but good faith reliance on a document purporting
to establish an agency will protect the reliant without the
affidavit or Agent's Certification and Acceptance of
Authority.
(b) Upon request, the named agent in a power of attorney

shall furnish an Agent's Certification and Acceptance of
Authority to the reliant in substantially the following form:
AGENT'S CERTIFICATION AND ACCEPTANCE OF AUTHORITY
I, .......... (insert name of agent), certify that the
attached is a true copy of a power of attorney naming the
undersigned as agent or successor agent for .............
(insert name of principal).
I certify that to the best of my knowledge the principal
had the capacity to execute the power of attorney, is alive,
and has not revoked the power of attorney; that my powers as
agent have not been altered or terminated; and that the power
of attorney remains in full force and effect.
I accept appointment as agent under this power of
attorney.
This certification and acceptance is made under penalty of
perjury.*
Dated: ............
.......................
(Agent's Signature)
.......................
(Print Agent's Name)
.......................
(Agent's Address)
*(NOTE: Perjury is defined in Section 32-2 of the Criminal

Code of 2012, and is a Class 3 felony.)