Assembly Bill A2498

2013-2014 Legislative Session

Requires financial planners working with the elderly to be certified

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A2498 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Elder Law
Laws Affected:
Add §219-a, Eld L; add Art 12-F §599-aa, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A10983
2011-2012: A5378
2015-2016: A3305
2017-2018: A3762
2019-2020: A2727
2021-2022: A6791

2013-A2498 (ACTIVE) - Summary

Requires financial planners working with the elderly to be certified financial planners.

2013-A2498 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2498

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2013
                               ___________

Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
  tee on Banks

AN  ACT  to  amend  the  elder  law  and the 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
FINANCIAL SERVICES.
  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.
                                                           LBD00222-01-3

              

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