Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to banks |
Jan 13, 2017 |
referred to banks |
Senate Bill S2442
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Banks 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
Actions
co-Sponsors
(D) Senate District
2017-S2442 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Add §9-x, Bank L; amd §202, add §219-a, Eld L; add §99-aa, St Fin L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S6756
2013-2014: S2162
2015-2016: S6243
2017-S2442 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2442 TITLE OF BILL : An act to amend the banking law and the elder law, in relation to financial exploitation; and to amend the state finance law, in relation to establishing the financial exploitation, outreach, education and training fund PURPOSE OR GENERAL IDEA OF BILL : To ensure that those individuals who may have access to seniors financial information are trained to detect suspected financial abuse and report the suspected abuse so that if abuse is occurring, it can be mitigated and the perpetrator can be brought to justice. SUMMARY OF SPECIFIC PROVISIONS : Section 1 amends the banking law by adding a new section 9-x which creates a reporting process of suspected financial exploitation for individuals ages sixty and older. Section 2 authorizes the director of the state office for the aging to conduct outreach, education and training for financial institutions. Section 3 amends the elder law by adding a new section 219-a which creates a financial exploitation, outreach, education: and training program. Section 4 amends the state finance law by adding a new section 99-aa that creates a financial
2017-S2442 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2442 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law and the elder law, in relation to finan- cial exploitation; and to amend the state finance law, in relation to establishing the financial exploitation, outreach, education and training fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The banking law is amended by adding a new section 9-x to read as follows: § 9-X. REPORTING OF SUSPECTED FINANCIAL EXPLOITATION. 1. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "FINANCIAL INSTITUTION" SHALL MEAN ANY OF THE FOLLOWING: (1) A DEPOSITORY INSTITUTION, AS DEFINED IN SECTION 3(C) OF THE FEDER- AL DEPOSIT INSURANCE ACT (12 U.S.C. SEC. 1813(C)). (2) AN INSTITUTION-AFFILIATED PARTY, AS DEFINED IN SECTION 3(U) OF THE FEDERAL DEPOSIT INSURANCE ACT (12 U.S.C. SEC. 1813(U)). (3) A FEDERAL CREDIT UNION OR STATE CREDIT UNION, AS DEFINED IN SECTION 101 OF THE FEDERAL CREDIT UNION ACT (12 U.S.C. SEC. 1752), INCLUDING, BUT NOT LIMITED TO, AN INSTITUTION-AFFILIATED PARTY OF A CREDIT UNION, AS DEFINED IN SECTION 206(R) OF THE FEDERAL CREDIT UNION ACT (12 U.S.C. SEC. 1786(R)). (B) "ELDERLY PERSON" SHALL MEAN A PERSON SIXTY YEARS OF AGE OR OLDER. (C) "FINANCIAL EXPLOITATION" SHALL MEAN IMPROPER USE OF AN ELDERLY PERSON'S FUNDS, PROPERTY OR RESOURCES BY ANOTHER INDIVIDUAL, INCLUDING BUT NOT LIMITED TO FRAUD, FALSE PRETENSES, MISREPRESENTATION, EMBEZZLE- MENT, CONSPIRACY, FORGERY, FALSIFYING RECORDS, COERCED PROPERTY TRANS- FERS OR DENIAL OF ACCESS TO ASSETS. 2. ANY CERTIFIED PUBLIC ACCOUNTANT OR ATTORNEY LICENSED IN THIS STATE, ANY PREPARER OF TAXES OPERATING IN THIS STATE, AND ANY OFFICER OR EMPLOYEE OF A FINANCIAL INSTITUTION LOCATED WITHIN THIS STATE, WHO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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