A5378-2011 Actions

• Jan 4, 2012: referred to banks
• Feb 17, 2011: referred to banks

A5378-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         5378
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 February 17, 2011
 
 Introduced by M. of A. ROBINSON -- read once and referred to the Commit
 tee on Banks
 AN  ACT to amend the elder law and banking law, in relation to requiring
 financial planners working with the elderly to be certified  financial
 planners
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. The elder law is amended by adding a new section  219-a  to
 read as follows:

 

S  219-A.  FINANCIAL  PLANNING  SALES,  PRODUCTS  AND SERVICES SOLD OR
 MARKETED TO THE ELDERLY. 1.  FOR  THE  PURPOSES  OF  THIS  SECTION,  THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:

 (A)  THE TERM "ELDERLY PERSON" SHALL HAVE THE SAME MEANING ASCRIBED IN
 SECTION TWO HUNDRED FOURTEEN OF THIS TITLE.
 (B) THE TERM "FINANCIAL PLANNER" SHALL MEAN ANY  INDIVIDUAL,  BUSINESS
 OR  ENTITY  THAT  SELLS,  PROMOTES  OR  HOLDS  THEMSELVES OUT TO SELL OR
 PROMOTE OR PROVIDE INVESTMENT PLANNING, INCOME TAX  PLANNING,  EDUCATION
 PLANNING, RETIREMENT PLANNING, ESTATE PLANNING, RISK MANAGEMENT, AND ANY
 OTHER  AREA  WITH  RESPECT  TO  THE  MANAGEMENT  OF FINANCIAL RESOURCES;
 INCLUDING BUT NOT LIMITED TO  401(K)S,  INDIVIDUAL  RETIREMENT  ACCOUNTS
 (IRAS), ROTH IRAS, SEP-IRAS, AND IRA ROLLOVERS.
 2.  FINANCIAL  PLANNERS WHO DERIVE ANY INCOME OR BUSINESS FROM ELDERLY
 PERSONS WHO ARE RESIDENTS OF NEW YORK STATE SHALL BE REQUIRED TO  BECOME
 CERTIFIED.  CERTIFICATION  SHALL  MEAN HAVING FULFILLED ALL EDUCATIONAL,
 ETHICAL AND CERTIFICATION EXAM REQUIREMENTS SET FORTH BY  THE  CERTIFIED
 FINANCIAL  PLANNER  BOARD  OF  STANDARDS,  INCORPORATED  OR A NATIONALLY
 RECOGNIZED ACCREDITATION AGENCY  ACCEPTABLE  TO  THE  SUPERINTENDENT  OF
 BANKS.
 

S  2.  The banking law is amended by adding a new article 12-F to read
 as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00282-01-1
 
       A. 5378                             2
 ARTICLE 12-F
 FINANCIAL PLANNERS SELLING RETIREMENT PRODUCTS OR SERVICES TO THE
 ELDERLY
 SECTION 599-AA. FINANCIAL  PLANNING SALES, PRODUCTS AND SERVICES SOLD OR
 MARKETED TO THE ELDERLY.
 

S 599-AA. FINANCIAL PLANNING SALES,  PRODUCTS  AND  SERVICES  SOLD  OR
 MARKETED  TO  THE  ELDERLY.    1.  FOR THE PURPOSES OF THIS SECTION, THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:

 (A) THE TERM "ELDERLY PERSON" SHALL HAVE THE SAME MEANING ASCRIBED  IN
 SECTION TWO HUNDRED FOURTEEN OF THE ELDER LAW.
 (B)  THE  TERM "FINANCIAL PLANNER" SHALL MEAN ANY INDIVIDUAL, BUSINESS
 OR ENTITY THAT SELLS, PROMOTES  OR  HOLDS  THEMSELVES  OUT  TO  SELL  OR
 PROMOTE  OR  PROVIDE INVESTMENT PLANNING, INCOME TAX PLANNING, EDUCATION
 PLANNING, RETIREMENT PLANNING, ESTATE PLANNING, RISK MANAGEMENT, AND ANY
 OTHER AREA WITH  RESPECT  TO  THE  MANAGEMENT  OF  FINANCIAL  RESOURCES;
 INCLUDING  BUT  NOT  LIMITED  TO 401(K)S, INDIVIDUAL RETIREMENT ACCOUNTS
 (IRAS), ROTH IRAS, SEP-IRAS, AND IRA ROLLOVERS.
 2. FINANCIAL PLANNERS WHO DERIVE ANY INCOME OR BUSINESS  FROM  ELDERLY
 PERSONS  WHO ARE RESIDENTS OF NEW YORK STATE SHALL BE REQUIRED TO BECOME
 CERTIFIED. CERTIFICATION SHALL MEAN HAVING  FULFILLED  ALL  EDUCATIONAL,
 ETHICAL,  AND CERTIFICATION EXAM REQUIREMENTS SET FORTH BY THE CERTIFIED
 FINANCIAL PLANNER BOARD  OF  STANDARDS,  INCORPORATED  OR  A  NATIONALLY
 RECOGNIZED ACCREDITATION AGENCY ACCEPTABLE TO THE SUPERINTENDENT.
 

S  3.  This act shall take effect on the three hundred sixty-fifth day
 after it shall have become a  law  provided,  however,  that,  effective
 immediately,  the superintendent of banks shall promulgate any rules and
 regulations necessary for the implementation of this act  on  or  before
 its effective date.

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