Update - Illinois Banks Run from Power of Attorney Abuse Protection Law

Hi it's  Jenn  - just quick update for our dedicated blog readers.  A few months ago we told you about how the trust banks were trying to exempt themselves from some provisions of the Illinois Power of Attorney Law.  In case you missed it - click here.  

Just talked with Scott in our Springfield office and he told me that with Session getting (hopefully) close to ending, we have some good follow-up news.

Previously trust banks in Illinois had been trying to exempt themselves from the abuse protections provided for in Illinois.  This didn't make sense to us.

Luckily, as the result of hard-work and negotiations, Senate Bill 3204 has been passed by the General Assembly (and now on its way to the Governor) to ensure that trust banks continue to abide by the POA abuse protections already in Illinois law.

Chalk a win for Illinois consumers.

Well, one issue resolved - many more to go by May 31 st.

Search AARP Blogs