Assembly Bill A2727

2019-2020 Legislative Session

Requires financial planners working with the elderly to be certified

download bill text pdf

Sponsored By

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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2019-A2727 (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
2013-2014: A2498
2015-2016: A3305
2017-2018: A3762
2021-2022: A6791

2019-A2727 (ACTIVE) - Summary

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

2019-A2727 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2727
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 25, 2019
                                ___________
 
 Introduced  by  M.  of  A. BICHOTTE, ORTIZ, D'URSO, RICHARDSON -- Multi-
   Sponsored by -- M.  of A. WRIGHT -- read  once  and  referred  to  the
   Committee 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:
   §  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.
   §  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.

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