97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3204
 
Introduced 2/1/2012, by Sen. Kirk W. Dillard - Don Harmon
 
SYNOPSIS AS INTRODUCED:
 

 



755 ILCS 45/2-4  from Ch. 110 1/2, par. 802-4

     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.
  


LRB097 15564 AJO 60701 b

 
 
A BILL FOR
 

  
SB3204LRB097 15564 AJO 60701 b


  
1    AN ACT concerning civil law.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Power of Attorney Act is amended  by 
5changing 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 
8the agency
the event or time when the agency will begin and 
9terminate, the mode of
revocation or amendment and the rights, 
10powers, duties, limitations,
immunities and other terms 
11applicable to the agent and to all persons
dealing with the 
12agent, and the provisions of the agency will control

13notwithstanding this Act, except that every health care agency 
14must
comply with Section 4-5 of this Act.

15    (b) From and after the effective date of this Act:  (1) this 
16Act governs
every agency, whenever and wherever executed, and 
17all acts of the agent to
the extent the provisions of this Act 
18are not inconsistent with the agency;
and (2) this Act applies 
19to all agencies exercised in Illinois and to all
other agencies 
20if the principal is a resident of Illinois at the time the

21agency is signed or at the time of exercise or if the agency 
22indicates that
Illinois law is to apply.  Providing forms of 
23statutory property and
health care powers in Articles III and 
 
 
SB3204- 2 -LRB097 15564 AJO 60701 b

1IV does not limit the applicability
of this Act, it being 
2intended that every agency, including, without
limitation, the 
3statutory property and health care power agencies, shall
have 
4the benefit of and be governed by Article II, by Sections 4-1 
5through
4-9 and Section 4-11 of Article IV, and by all other 
6general provisions of
this Act, except to the extent the terms 
7of 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, 
10other than an Illinois Statutory Short Form Power of Attorney, 
11under which a financial institution is named as an agent for 
12any person.  For purposes of this subsection, a "financial 
13institution" is defined as (1) a financial institution as 
14defined in Section 2 of the Illinois Banking Act or (2) a 
15broker-dealer registered with the United States Securities and 
16Exchange Commission.
17    (d)  Any agreement or contract described in subsection (c) 
18is not a "non-statutory property power" subject to subsection 
19(b) of Section 3-3.  This subsection (d) is a declaration of 
20existing law, shall not be construed as a new enactment, and is 
21applicable to all agreements or contracts whenever executed. 
22(Source: P.A. 86-736.)