The Illinois General Assembly amended the Illinois Power of Attorney Act. It is now unreasonable for a third party to refuse to honor a properly executed statutory short form power of attorney (POA) for one or more of the following reasons: it is not on a form the third party prescribes, regardless of any form the terms of any account agreement requires; lapse of time since the execution of the POA; lapse of time between the date of signature of the principal and date of acceptance by the agent; the document does not have an original signature, witness, or notarization, but has a properly executed certification; or the document appoints an entity as an agent.
