HB 459 Summary: Powers of Attorney

• Expands qualifications for power of attorney agents to include not-for-profit corporations organized for charitable or religious purposes that were court-appointed guardians before January 1, 1996, and are tax-exempt under Internal Revenue Code section 501(c)(3).

• Requires not-for-profit corporation agents to satisfy one of three conditions: post a blanket fiduciary bond of at least $250,000 with the circuit court clerk, maintain liability insurance covering losses up to $250,000, or obtain the principal's written acknowledgment in 14-point uppercase type that the corporation declined to post a bond or maintain insurance.

• Officers of not-for-profit corporations acting as agents are jointly and severally liable with the corporation for acts or omissions under the power of attorney unless one of the three protective conditions is satisfied.

• Conforms cross-references in section 709.2202 to align with renumbered subsections regarding powers of attorney execution and notary public authority to sign on behalf of principals who are physically unable to sign.

• Takes effect July 1, 2015.