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A02325 Memo:

submitted in accordance with Assembly Rule III, Sec 1(f)
SPONSOR: Englebright (MS)
  TITLE OF BILL: An act to amend the elder law, in relation to financial exploitation of the elderly and to amend the state finance law, in relation to creating the financial exploitation outreach, education and training fund   PURPOSE OR GENERAL IDEA OF THE BILL: To protect the elderly from financial exploitation through educational programs.   SUMMARY OF PROVISIONS: Section 1. Amends the Elder Law, Section 202 by adding a new subdivision 16. Provides that the State Office for the Acing shall conduct outreach, education and training programs for financial institutions. Section 2. Amends the Elder Law by adding a new section 219-a. Creates the Financial Exploitation, Outreach, Education and Training Program to be administered by the New York State Office for the Aging. Describes the activities and of such program. Authorizes the Director to convene an advisory committee to be comprised of at least ten but no more than twenty members. Specifies the backgrounds of such advisory committee members. Section 3. Amends the State Finance Law by adding a new section 99-v. Creates a fund in the joint custody of the Comptroller and the Super- intendent of Banks to provide monies to the Financial Exploitation, Outreach, Education and Training Program. Section 4. Effective date.   EXISTING LAW: None   JUSTIFICATION: Elderly Americans are often the victims of financial abuse. This abuse can come in many different forms, but some common forms of elder finan- cial abuse are forging an elderly person's signature, coercing an elder- ly person into signing a deed, will or power-of-attorney form, or using an elderly person's property or possessions without their, permission. Perpetrators of elderly financial abuse are often unethical businessmen, unscrupulous individuals posing as financial advisors, or even members of an elderly person's family. The elderly are often an attractive target for a number of reasons. Elderly Americans control over 70% of the nation's wealth, and many seniors do not realize the value of their assets. On top of that, many elderly Americans don't know what action they can take when they are the victims of a financial abuse. In New York State, the financial abuse of the elderly is a serious prob- lem. According to data released in November, 2010 during a statewide summit on elder abuse in New York convened by Lifespan of Greater Rochester, a self reported prevalence study indicated that the highest rate of mistreatment (41 per 1,000 elders surveyed) occurred for major financial exploitation (theft of money or property, using items without permission, impersonation to get access, forcing or misleading to get items such as money, bank cards, accounts, power of attorney.) This legislation will ensure that elderly New Yorkers receive the educa- tion and training they need to ensure they are not victims of elder financial abuse.   PRIOR LEGISLATIVE HISTORY: 2007-08 A6519 referred to aging 2009-10 A4743 referred to aging 2011-12 A4045 referred to aging 2013-14 A4655 referred to aging   FISCAL IMPLICATIONS: To be determined.   EFFECTIVE DATE: Ninety (90) days after it shall have become a law.
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