Section 722.430  Signature Authority

a)         Account Signature Authority

1)         The designated beneficiary has signature authority over their account.

2)         Except as recognized in subsection (b), if a person or entity other than the designated beneficiary is recognized as the designated representative pursuant to Section 722.410, that person or entity has signature authority.

b)         In the case of a designated representative selected by a designated beneficiary who is authorized to act on their own behalf under Section 722.410(b), both the designated representative and the designated beneficiary may have signature authority.

c)         At any time, the designated beneficiary, who is authorized to act on their own, may remove and replace a designated representative. The replacement may be any other person or entity selected by the designated beneficiary pursuant to Section 722.410(c) or the designated beneficiary may exercise signature authority over their own account.

d)         The designated beneficiary may designate a successor designated representative. In the absence of the designation of a successor by the designated beneficiary, a designated representative may designate a successor pursuant to the order specified in Section 722.410(e).

e)         Co-signatories and sub-accounts may be allowed in accordance with Section 1.529A-2 of the Treasury Regulation.

(Source:  Added at 46 Ill. Reg. 19242, effective November 20, 2022)