HF 86 (LSB 1376YH (2) 85)

HOUSE FILE 86

BY  GASKILL

A BILL FOR

An Act relating to the validity of a power of attorney.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  633B.3  Notarized acknowledgment —— training.
   1.  A power of attorney is not valid unless the attorney in fact or agent provides a signed, notarized affidavit, along with the power of attorney, acknowledging an understanding of the fiduciary responsibilities of the attorney in fact or agent to the principal. Such acknowledgment of fiduciary responsibilities shall include but not be limited to statements that the attorney in fact or agent will act in good faith on the principal’s behalf, avoid any act of self-dealing, act only as authorized by the power of attorney, and provide all material facts to the principal.
   2.  Prior to signing the required affidavit pursuant to subsection 1, the attorney in fact or agent shall complete training regarding the specific fiduciary duties and responsibilities relating to the power of attorney.
EXPLANATION
   This bill relates to the validity of a power of attorney.
   The bill provides that a power of attorney is not valid unless the attorney in fact or agent provides a signed, notarized affidavit, along with the power of attorney, acknowledging an understanding of the fiduciary responsibilities of the attorney in fact or agent to the principal. Such acknowledgment of fiduciary responsibilities shall include but not be limited to statements that the attorney in fact or agent will act in good faith on the principal’s behalf, avoid any act of self-dealing, act only as authorized by the power of attorney, and provide all material facts to the principal. Prior to signing the required affidavit, the attorney in fact or agent is required to complete training regarding the specific fiduciary duties and responsibilities relating to the power of attorney.
   A power of attorney is a written document whereby a person (the principal) gives another person (attorney in fact or agent) the authority to act on the person’s behalf in certain financial or health care matters.