POWER OF ATTY HONORING FORMS

Amends the Illinois Power of Attorney Act. Makes it unlawful for a third party to unreasonably refuse to honor a statutory short form power of attorney properly executed in accordance with the laws in effect at the time of its execution. Provides that it is unreasonable for a third party to refuse to honor a statutory short form power of attorney properly executed in accordance with the laws in effect at the time of its execution, if the only reason for the refusal is any of the following: (1) the power of attorney is not on a form the third party receiving such power prescribes regardless of any form the terms of any account agreement between the account holder and third party requires; (2) there has been a lapse of time since the execution of the power of attorney; (3) on the face of the statutory short form power of attorney, there is a lapse of time between the date of acknowledgment of the signature of the principal and the date of the acceptance by the agent; (4) the document provided does not bear an original signature, original witness, or original notarization but is accompanied by an attorney-certified copy; or (5) the document appoints an entity as the agent.