PWR ATTY PROP-POD BANK ACCT Senate SponsorsSen. Ira I. Silverstein House Sponsors(Rep. Elaine Nekritz) 6/26/2006SenatePublic Act . . . . . . . . . 94-0938 755 ILCS 45/3-4from Ch. 110 1/2, par. 803-4Amends the Illinois Power of Attorney Act. Provides that the Section that explains the powers granted in the statutory short form power of attorney for property is expanded so that the financial transaction subsection states that an agent may open, close, or control a Totten Trust, a Payable on Death Account, or a similar arrangement with a financial institution, but the agent's authority does not include any powers over accounts titled in the name of a trust pursuant to the Trust and Trustees Act, unless specifically authorized by a person's power of attorney for property. Effective immediately.Senate Committee Amendment No. 1 Adds reference to:755 ILCS 45/2-9from Ch. 110 1/2, par. 802-9Further amends the Illinois Power of Attorney Act. Provides for an exception for Totten Trusts, Payable on Death Accounts, or similar accounts to the existing prohibition against an agent revoking or amending any trust for the benefit of the principal in order to pay income or principal to the agent, without specific authority to do so.Senate Floor Amendment No. 2 Deletes everything after the enacting clause. Amends the Illinois Power of Attorney Act. Provides that the Section that explains the powers granted in the statutory short form power of attorney for property is expanded so that the financial transaction subsection states that an agent may open, close, or control a Totten Trust, a Payable on Death Account, or a similar arrangement with a financial institution, but the agent's authority does not include any powers over accounts titled in the name of a trust pursuant to the Trust and Trustees Act, unless specifically authorized by a person's power of attorney for property. Provides for an exception for Totten Trusts, Payable on Death Accounts, or similar accounts to the existing prohibition against an agent revoking or amending any trust for the benefit of the principal in order to pay income or principal to the agent, without specific authority to do so. 1/20/2006SenateFiled with Secretary by Sen. Ira I. Silverstein 1/20/2006SenateFirst Reading 1/20/2006SenateReferred to Rules 2/1/2006SenateAssigned to Judiciary 2/8/2006SenateHeld in Judiciary 2/8/2006SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Ira I. Silverstein 2/8/2006SenateSenate Committee Amendment No. 1 Referred to Rules 2/14/2006SenateSenate Committee Amendment No. 1 Rules Refers to Judiciary 2/14/2006SenateSenate Committee Amendment No. 1 Adopted 2/15/2006SenateDo Pass as Amended Judiciary; 010-000-000 2/15/2006SenatePlaced on Calendar Order of 2nd Reading February 16, 2006 2/28/2006SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Ira I. Silverstein 2/28/2006SenateSenate Floor Amendment No. 2 Referred to Rules 2/28/2006SenateSenate Floor Amendment No. 2 Rules Refers to Judiciary 3/1/2006SenateSenate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 008-000-000 3/1/2006SenateSecond Reading 3/1/2006SenateSenate Floor Amendment No. 2 Adopted; Silverstein 3/1/2006SenatePlaced on Calendar Order of 3rd Reading March 2, 2006 3/2/2006SenateThird Reading - Passed; 058-000-000 3/2/2006HouseArrived in House 3/2/2006HousePlaced on Calendar Order of First Reading 3/2/2006HouseChief House Sponsor Rep. Elaine Nekritz 3/2/2006HouseFirst Reading 3/2/2006HouseReferred to Rules Committee 3/8/2006HouseAssigned to Judiciary I - Civil Law Committee 3/23/2006HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 014-000-000 3/24/2006HousePlaced on Calendar 2nd Reading - Short Debate 3/28/2006HouseSecond Reading - Short Debate 3/28/2006HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/29/2006HouseThird Reading - Short Debate - Passed 114-000-000 3/29/2006SenatePassed Both Houses 4/27/2006SenateSent to the Governor 6/26/2006SenateGovernor Approved 6/26/2006SenateEffective Date January 1, 2007 6/26/2006SenatePublic Act . . . . . . . . . 94-0938