BANK RELY POWER OF ATTY Senate SponsorsSen. Ira I. Silverstein House Sponsors(Rep. Eddie Washington) 1/11/2005SenateSession Sine Die 205 ILCS 5/6.5 newAmends the Illinois Banking Act. Provides that a bank that relies upon a power of attorney naming a bank customer as principal must notify the customer within 10 days after the act of reliance. Requires the customer to review the act of reliance and notify the bank of any unauthorized transaction. Provides that failure of a customer to notify the bank of an unauthorized transaction precludes the customer from making certain claims against the bank.Senate Committee Amendment No. 1 Provides that a bank must provide notice of reliance upon a power of attorney by certified or registered mail with restricted delivery. Provides that the customer has 30, rather than 10, days within which to notify the bank of an unauthorized transaction. Limits a bank's authority to rely on multiple powers of attorney. Removes provision permitting allocation of loss between the customer and a bank. 2/5/2003SenateFiled with Secretary by Sen. Ira I. Silverstein 2/5/2003SenateFirst Reading 2/5/2003SenateReferred to Rules 2/6/2003SenateAssigned to Financial Institutions 2/19/2003SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Ira I. Silverstein 2/19/2003SenateSenate Committee Amendment No. 1 Referred to Rules 2/26/2003SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions 3/6/2003SenateSenate Committee Amendment No. 1 Adopted 3/6/2003SenateDo Pass as Amended Financial Institutions; 009-000-000 3/6/2003SenatePlaced on Calendar Order of 2nd Reading March 11, 2003 3/13/2003SenateSecond Reading 3/13/2003SenatePlaced on Calendar Order of 3rd Reading March 18, 2003 3/19/2003SenateThird Reading - Passed; 051-000-000 3/19/2003HouseArrived in House 3/19/2003HousePlaced on Calendar Order of First Reading 3/21/2003HouseChief House Sponsor Rep. Eddie Washington 3/21/2003HouseFirst Reading 3/21/2003HouseReferred to Rules Committee 3/31/2003HouseAssigned to Executive Committee 5/2/2003HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005SenateSession Sine Die