SB00190 Summary

• Establishes a Connecticut Statutory Durable Power of Attorney Account form that authorizes agents to deposit, withdraw, and manage funds in a principal's account, with authority surviving the principal's subsequent disability or incompetence.

• Requires financial institutions to accept acknowledged powers of attorney in the statutory form, except when a conservator is appointed or the principal dies, and provides liability protection for institutions making payments in good faith.

• Mandates financial institutions accept acknowledged powers of attorney within seven business days of presentation, or within five business days if requesting certifications, translations, or legal opinions.

• Allows financial institutions and other persons to refuse acceptance only if: the principal is ineligible, the transaction violates state/federal law, actual knowledge of termination exists, good faith doubt about validity exists, or abuse of the principal is suspected and reported.

• Permits courts to mandate acceptance of improperly refused powers of attorney and award attorney's fees to the prevailing party; effective October 1, 2019.