SB1777 - 104th General Assembly (2025-2026)

BANKING&PROBATE-FINANCE/NOTICE
Last Action
08/01/2025 - Senate: Public Act . . . . . . . . . 104-0123
Statutes Amended In Order of Appearance
205 ILCS 5/48.1  from Ch. 17, par. 360
205 ILCS 205/4013  from Ch. 17, par. 7304-13
205 ILCS 305/10  from Ch. 17, par. 4411
205 ILCS 625/4  from Ch. 17, par. 2134
205 ILCS 705/10  
755 ILCS 5/6-13  from Ch. 110 1/2, par. 6-13
755 ILCS 5/6-15  from Ch. 110 1/2, par. 6-15
755 ILCS 5/9-3  from Ch. 110 1/2, par. 9-3
Synopsis As Introduced
Amends the Illinois Banking Act. In provisions concerning customer financial records and confidentiality, provides that the language does not prohibit the furnishing of financial information to the executor, executrix, administrator, or other lawful representative of the estate of a customer. Amends the Savings Bank Act and the Illinois Credit Union Act to make the same changes. Amends the Illinois Credit Union Act. Amends the Illinois Trust and Payable on Death Accounts Act. Provides that any holder of an account may elect a per stirpes distribution option to the descendants of a natural person beneficiary if the beneficiary predeceases the last surviving holder of the account. Makes other changes. Amends the Financial Institutions Electronic Documents and Digital Signature Act. In provisions concerning electronic notices, provides that consent to electronic transactions given by the customer under the federal Electronic Signatures in Global and National Commerce Act satisfies applicable consent requirements. Amends the Probate Act of 1975. Provides that any person doing business or performing transactions on behalf of or at the direction of an executor or administrator with a will annexed is entitled to the presumption that the executor or administrator is lawfully authorized to conduct the business or perform the transaction as long as the person verifies that the letters testamentary or administration was issued by the court solely to the executor or administrator. Provides that if the letters testamentary or administration with the will annexed provide for co-executors or co-administrators, the person is entitled to the presumption only when the business or transaction is performed on behalf or at the direction of all listed executors or administrators in the letters. Provides that any person, corporation, or financial institution that conducts business or performs transactions on behalf of or at the direction of an executor or administrator with the will annexed is fully protected and released from liability if the person bases the presumption on the verification of the letters testamentary or administration with the will annexed.

Senate Committee Amendment No. 1
Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Amends the Probate Act of 1975. Provides that any person doing business or performing transactions on behalf of or at the direction of an executor, administrator, or administrator with the will annexed may rely on the powers of an independent representative in the Probate Act of 1975 and protection of persons dealing with an independent representative in the Act. Provides that the person shall confirm by examination of the letters testamentary, letters of administration, letters of administration with the will annexed, or a document purporting to be the letters of office that the letters were issued by the court solely to the executor or administrator. If the letters of office or a document purporting to be the letters of office provide for co- executors or co-administrators, and the person is unable to identify one or more of the co-executors or co-administrators, cannot determine the lawful existence of any co-executor or co-administrator, or if conflicting claims or directions are made by the co-executors or co-administrators, then the person may refuse to perform any transaction until the person receives a determination of the appropriate course of action by a court of appropriate jurisdiction. Provides that any person, corporation, or financial institution that conducts business or performs transactions on behalf of or at the direction of an executor, administrator, or administrator with the will annexed is fully protected and released from liability if the person bases the presumption on the confirmation by examination of the letters testamentary, letters of administration, letters of administration with the will annexed, or a document purporting to be the letters of office as provided in the Act; or if the person, corporation, or financial institution conducts business or performs transactions as directed by a court of appropriate jurisdiction as provided in the Act.
Actions
DateChamberAction
02/06/2025SenateFiled with Secretary by Sen. Mark L. Walker
02/06/2025SenateFirst Reading
02/06/2025SenateReferred to Assignments
02/18/2025SenateAssigned to Judiciary
02/25/2025SenateAdded as Chief Co-Sponsor Sen. Jil Tracy
03/14/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Mark L. Walker
03/14/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
03/18/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary
03/19/2025SenateSenate Committee Amendment No. 1 Adopted
03/19/2025SenateDo Pass as Amended Judiciary; 009-000-000
03/19/2025SenatePlaced on Calendar Order of 2nd Reading March 20, 2025
03/20/2025SenateSecond Reading
03/20/2025SenatePlaced on Calendar Order of 3rd Reading April 1, 2025
04/04/2025SenatePlaced on Calendar Order of 3rd Reading **
04/09/2025SenatePlaced on Calendar Order of 3rd Reading
04/09/2025SenateThird Reading - Passed; 056-000-000
04/09/2025HouseArrived in House
04/09/2025HouseChief House Sponsor Rep. Margaret Croke
04/09/2025HouseFirst Reading
04/09/2025HouseReferred to Rules Committee
04/17/2025HouseAssigned to Judiciary - Civil Committee
04/23/2025HouseDo Pass / Short Debate Judiciary - Civil Committee; 019-000-000
04/23/2025HousePlaced on Calendar 2nd Reading - Short Debate
05/14/2025HouseSecond Reading - Short Debate
05/14/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
05/20/2025HouseAdded Alternate Chief Co-Sponsor Rep. Dan Ugaste
05/20/2025HouseAdded Alternate Chief Co-Sponsor Rep. Jennifer Gong-Gershowitz
05/20/2025HouseAdded Alternate Chief Co-Sponsor Rep. Daniel Didech
05/22/2025HouseThird Reading - Short Debate - Passed 115-000-000
05/22/2025SenatePassed Both Houses
06/20/2025SenateSent to the Governor
08/01/2025SenateGovernor Approved
08/01/2025SenateEffective Date January 1, 2026
08/01/2025SenatePublic Act . . . . . . . . . 104-0123