Bill Text: NY A06791 | 2021-2022 | 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 2-0)

Status: (Introduced - Dead) 2022-01-05 - referred to banks [A06791 Detail]

Download: New_York-2021-A06791-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6791

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      April 8, 2021
                                       ___________

        Introduced  by  M.  of A. BICHOTTE HERMELYN, RICHARDSON -- 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.
                                                                   LBD06476-01-1
        A. 6791                             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.  Effective immediately, the  addition,
    26  amendment  and/or  repeal  of  any  rule or regulation necessary for the
    27  implementation of this act on its effective date are  authorized  to  be
    28  made and completed on or before such effective date.