HB 3886

Abstract

Creates the Uniform Power of Attorney Act. Provides that the Act applies to all powers of attorney except: (1) a power to the extent it is coupled with an interest in the subject of the power, including a power given to or for the benefit of a creditor in connection with a credit transaction; (2) a power to make health-care decisions; (3) a proxy or other delegation to exercise voting rights or management rights with respect to an entity; and (4) a power created on a form prescribed by a government or governmental subdivision, agency, or instrumentality for a governmental purpose. Contains general provisions concerning powers of attorney, including when a power of attorney takes effect and the extent of an agent's duties. Contains provisions concerning an agent's authority, including with respect to real property, tangible personal property, operation of a business, insurance, estates and trusts, claims and litigation, and other matters. Also contains a statutory form power of attorney. Repeals provisions of the Illinois Power of Attorney Act concerning durable powers of attorney and a statutory short form power of attorney for property. Effective immediately.