Topic:
Illinois Power of Attorney Act
(Dillard, R-Westmont; McAsey, D-Lockport) amends this Act to exclude certain kinds of agreements from the Act’s regulation. Those excluded would be a financial institution named as an agent for any person if the agreement does not include a durable power of attorney that survives the incapacity of the principal. Clarifies that this kind of agreement is not a “nonstatutory property power” subject to this Act’s provisions pertaining to statutory short form powers of attorney for property such as a notary is not required to attest to the principal's signature. The drop date for the Governor to take action is August 16, 2012, and it would take effect immediately if he signs it.