NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A2325
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
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
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.
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
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
To be determined.
Ninety (90) days after it shall have become a law.