Full Text of SB3204 97th General Assembly
SB3204 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB3204 Introduced 2/1/2012, by Sen. Kirk W. Dillard - Don Harmon SYNOPSIS AS INTRODUCED: |
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755 ILCS 45/2-4 | from Ch. 110 1/2, par. 802-4 |
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Amends the Illinois Power of Attorney Act. Provides that
this Act does not apply to any agreement, other than an Illinois Statutory Short Form Power of Attorney, under which a financial institution is named as an agent for any person. Defines "financial institution". Provides that any agreement or contract of the type described is not a "non-statutory property power" subject to the requirements of being executed by the principal who designates the agent and the agent's powers and whose signature is witnessed and notarized; this provision is a declaration of existing law.
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| | A BILL FOR |
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| | | SB3204 | | LRB097 15564 AJO 60701 b |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Power of Attorney Act is amended by | 5 | | changing Section 2-4 as follows:
| 6 | | (755 ILCS 45/2-4) (from Ch. 110 1/2, par. 802-4)
| 7 | | Sec. 2-4. Applicability. (a) The principal may specify in | 8 | | the agency
the event or time when the agency will begin and | 9 | | terminate, the mode of
revocation or amendment and the rights, | 10 | | powers, duties, limitations,
immunities and other terms | 11 | | applicable to the agent and to all persons
dealing with the | 12 | | agent, and the provisions of the agency will control
| 13 | | notwithstanding this Act, except that every health care agency | 14 | | must
comply with Section 4-5 of this Act.
| 15 | | (b) From and after the effective date of this Act: (1) this | 16 | | Act governs
every agency, whenever and wherever executed, and | 17 | | all acts of the agent to
the extent the provisions of this Act | 18 | | are not inconsistent with the agency;
and (2) this Act applies | 19 | | to all agencies exercised in Illinois and to all
other agencies | 20 | | if the principal is a resident of Illinois at the time the
| 21 | | agency is signed or at the time of exercise or if the agency | 22 | | indicates that
Illinois law is to apply. Providing forms of | 23 | | statutory property and
health care powers in Articles III and |
| | | SB3204 | - 2 - | LRB097 15564 AJO 60701 b |
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| 1 | | IV does not limit the applicability
of this Act, it being | 2 | | intended that every agency, including, without
limitation, the | 3 | | statutory property and health care power agencies, shall
have | 4 | | the benefit of and be governed by Article II, by Sections 4-1 | 5 | | through
4-9 and Section 4-11 of Article IV, and by all other | 6 | | general provisions of
this Act, except to the extent the terms | 7 | | of the agency are inconsistent with this Act.
| 8 | | (c) Notwithstanding the provisions of subsections (a) and | 9 | | (b), this Act shall not apply to any agreement or contract, | 10 | | other than an Illinois Statutory Short Form Power of Attorney, | 11 | | under which a financial institution is named as an agent for | 12 | | any person. For purposes of this subsection, a "financial | 13 | | institution" is defined as (1) a financial institution as | 14 | | defined in Section 2 of the Illinois Banking Act or (2) a | 15 | | broker-dealer registered with the United States Securities and | 16 | | Exchange Commission. | 17 | | (d) Any agreement or contract described in subsection (c) | 18 | | is not a "non-statutory property power" subject to subsection | 19 | | (b) of Section 3-3. This subsection (d) is a declaration of | 20 | | existing law, shall not be construed as a new enactment, and is | 21 | | applicable to all agreements or contracts whenever executed. | 22 | | (Source: P.A. 86-736.)
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