IllinoisSB1777104th General Assembly (2025–2026)Senate

BANKING&PROBATE-FINANCE/NOTICE

Sponsored By: Mark L. Walker (Democratic)

Signed by Governor

Summary

Amends the Illinois Banking Act. In provisions concerning customer financial records and confidentiality, provides that the language does not prohibit the furnishing of financial information to the executor, executrix, administrator, or other lawful representative of the estate of a customer. Amends the Savings Bank Act and the Illinois Credit Union Act to make the same changes. Amends the Illinois Credit Union Act. Amends the Illinois Trust and Payable on Death Accounts Act. Provides that any holder of an account may elect a per stirpes distribution option to the descendants of a natural person beneficiary if the beneficiary predeceases the last surviving holder of the account. Makes other changes. Amends the Financial Institutions Electronic Documents and Digital Signature Act. In provisions concerning electronic notices, provides that consent to electronic transactions given by the customer under the federal Electronic Signatures in Global and National Commerce Act satisfies applicable consent requirements. Amends the Probate Act of 1975. Provides that any person doing business or performing transactions on behalf of or at the direction of an executor or administrator with a will annexed is entitled to the presumption that the executor or administrator is lawfully authorized to conduct the business or perform the transaction as long as the person verifies that the letters testamentary or administration was issued by the court solely to the executor or administrator. Provides that if the letters testamentary or administration with the will annexed provide for co-executors or co-administrators, the person is entitled to the presumption only when the business or transaction is performed on behalf or at the direction of all listed executors or administrators in the letters. Provides that any person, corporation, or financial institution that conducts business or performs transactions on behalf of or at the direction of an executor or administrator with the will annexed is fully protected and released from liability if the person bases the presumption on the verification of the letters testamentary or administration with the will annexed.

assignmentsjudiciaryjudiciary - civil

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 3 benefits, 0 costs, 1 mixed.

Federal electronic consent meets Illinois rules

A customer's consent to electronic transactions under federal e-signature law also meets Illinois's electronic-notice consent requirement. Financial institutions can rely on that consent for transactions in or affecting commerce within Illinois.

Account holders can choose descendants as heirs

Payable-on-death account holders can choose to pass a deceased beneficiary's share to that person's descendants. This option applies to individual beneficiaries who die before the last surviving account holder. All beneficiary shares must add up to 100%. If no beneficiary is designated, the money goes to the last holder's estate. The estate also receives the money if no living descendant qualifies under the chosen option.

Estate representatives can get financial records

Illinois banks, savings banks, and credit unions may share a deceased customer's financial information with the customer's estate representative. The recipient must be an executor, administrator, or another lawful estate representative. This exception to financial privacy restrictions helps representatives handle estate finances.

Estate transactions gain protections but face pauses

People, companies, and financial institutions gain legal protection when handling transactions for an executor or administrator. That protection applies when they act under the authority specified by law or examine and rely on estate appointment papers. They may pause a transaction until a court gives direction if a co-representative cannot be identified or verified. They may also pause it when co-representatives make conflicting claims or give conflicting instructions.

Sponsors & Cosponsors

Sponsor

  • Mark L. Walker

    Democratic • Senate

Cosponsors

  • Daniel Didech

    Democratic • House

  • Daniel J. Ugaste

    Republican • House

  • Jennifer Gong-Gershowitz

    Democratic • House

  • Jil Tracy

    Republican • Senate

  • Margaret Croke

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 199 • No: 0

House vote • 5/22/2025

Third Reading - Short Debate - Passed

Yes: 115 • No: 0

House vote • 4/23/2025

Do Pass / Short Debate Judiciary - Civil Committee;

Yes: 19 • No: 0

Senate vote • 4/9/2025

Third Reading - Passed;

Yes: 56 • No: 0

Senate vote • 3/19/2025

Do Pass as Amended Judiciary;

Yes: 9 • No: 0

Actions Timeline

  1. Public Act . . . . . . . . . 104-0123

    8/1/2025Senate
  2. Effective Date January 1, 2026

    8/1/2025Senate
  3. Governor Approved

    8/1/2025Senate
  4. Sent to the Governor

    6/20/2025Senate
  5. Passed Both Houses

    5/22/2025Senate
  6. Third Reading - Short Debate - Passed 115-000-000

    5/22/2025House
  7. Added Alternate Chief Co-Sponsor Rep. Daniel Didech

    5/20/2025House
  8. Added Alternate Chief Co-Sponsor Rep. Jennifer Gong-Gershowitz

    5/20/2025House
  9. Added Alternate Chief Co-Sponsor Rep. Daniel J. Ugaste

    5/20/2025House
  10. Placed on Calendar Order of 3rd Reading - Short Debate

    5/14/2025House
  11. Second Reading - Short Debate

    5/14/2025House
  12. Placed on Calendar 2nd Reading - Short Debate

    4/23/2025House
  13. Do Pass / Short Debate Judiciary - Civil Committee; 019-000-000

    4/23/2025House
  14. Assigned to Judiciary - Civil Committee

    4/17/2025House
  15. Referred to Rules Committee

    4/9/2025House
  16. First Reading

    4/9/2025House
  17. Chief House Sponsor Rep. Margaret Croke

    4/9/2025House
  18. Arrived in House

    4/9/2025House
  19. Third Reading - Passed; 056-000-000

    4/9/2025Senate
  20. Placed on Calendar Order of 3rd Reading

    4/9/2025Senate
  21. Placed on Calendar Order of 3rd Reading **

    4/4/2025Senate
  22. Placed on Calendar Order of 3rd Reading April 1, 2025

    3/20/2025Senate
  23. Second Reading

    3/20/2025Senate
  24. Placed on Calendar Order of 2nd Reading March 20, 2025

    3/19/2025Senate
  25. Do Pass as Amended Judiciary; 009-000-000

    3/19/2025Senate

Bill Text

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