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A02325 Memo:

BILL NUMBER:A2325

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
Superintendent 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
financial abuse are forging an elderly person's signature, coercing an
elderly 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
problem. 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
education 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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