Maryland’s New General and Limited Power of Attorney Act: What You Should Know. BY: Steve Shane, Esq.
Maryland’s General and Limited Power of Attorney Act took effect on Oct. 1, 2010, the result of a new state law regulating the general and the limited power of attorney. Also known as “Loretta’s Law,” based on the case of one family member’s abusing the authority given to her by her elderly aunt, the Power of Attorney Act attempts to redress two key problems: Non-acceptance of powers of attorneys by financial institutions and abuse of power by agents. The new law provides statutory forms that will be accepted in Maryland and sets forth clear and specific guidelines for agents.
Read the full article on Maryland’s Association of CPA’s website.