Bill Text: NY A02727 | 2019-2020 | General Assembly | Introduced

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Bill Title: Requires financial planners working with the elderly to be certified financial planners.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2020-01-08 - referred to banks [A02727 Detail]

Download: New_York-2019-A02727-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2727
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    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:
     1    Section 1. The elder law is amended by adding a new section  219-a  to
     2  read as follows:
     3    §  219-a.  Financial  planning  sales,  products  and services sold or
     4  marketed to the elderly. 1.  For  the  purposes  of  this  section,  the
     5  following terms shall have the following meanings:
     6    (a)  The term "elderly person" shall have the same meaning ascribed in
     7  section two hundred fourteen of this title.
     8    (b) The term "financial planner" shall mean any  individual,  business
     9  or  entity  that  sells,  promotes  or  holds  themselves out to sell or
    10  promote or provide investment planning, income tax  planning,  education
    11  planning, retirement planning, estate planning, risk management, and any
    12  other  area  with  respect  to  the  management  of financial resources;
    13  including but not limited to  401(k)s,  Individual  Retirement  Accounts
    14  (IRAs), Roth IRAs, SEP-IRAs, and IRA rollovers.
    15    2.  Financial  planners who derive any income or business from elderly
    16  persons who are residents of New York state shall be required to  become
    17  certified.  Certification  shall  mean having fulfilled all educational,
    18  ethical and certification exam requirements set forth by  the  Certified
    19  Financial  Planner  Board  of  Standards,  Incorporated  or a nationally
    20  recognized accreditation agency  acceptable  to  the  superintendent  of
    21  financial services.
    22    §  2.  The banking law is amended by adding a new article 12-F to read
    23  as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00047-01-9
        A. 2727                             2
     1                                ARTICLE 12-F
     2      FINANCIAL PLANNERS SELLING RETIREMENT PRODUCTS OR SERVICES TO THE
     3                                   ELDERLY
     4  Section 599-aa. Financial  planning sales, products and services sold or
     5                    marketed to the elderly.
     6    § 599-aa. Financial planning sales,  products  and  services  sold  or
     7  marketed  to  the  elderly.    1.  For the purposes of this section, the
     8  following terms shall have the following meanings:
     9    (a) The term "elderly person" shall have the same meaning ascribed  in
    10  section two hundred fourteen of the elder law.
    11    (b)  The  term "financial planner" shall mean any individual, business
    12  or entity that sells, promotes  or  holds  themselves  out  to  sell  or
    13  promote  or  provide investment planning, income tax planning, education
    14  planning, retirement planning, estate planning, risk management, and any
    15  other area with  respect  to  the  management  of  financial  resources;
    16  including  but  not  limited  to 401(k)s, Individual Retirement Accounts
    17  (IRAs), Roth IRAs, SEP-IRAs, and IRA rollovers.
    18    2. Financial planners who derive any income or business  from  elderly
    19  persons  who are residents of New York state shall be required to become
    20  certified. Certification shall mean having  fulfilled  all  educational,
    21  ethical,  and certification exam requirements set forth by the Certified
    22  Financial Planner Board  of  Standards,  Incorporated  or  a  nationally
    23  recognized accreditation agency acceptable to the superintendent.
    24    §  3.  This act shall take effect on the three hundred sixty-fifth day
    25  after it shall have become a law;  provided,  however,  that,  effective
    26  immediately,  the  superintendent of financial services shall promulgate
    27  any rules and regulations necessary for the implementation of  this  act
    28  on or before its effective date.