BILL NO A05378
SAME AS No same as
SPONSOR Robinson
COSPNSR Rivera N, Gibson, Barron, Stevenson, Roberts
MLTSPNSR Brennan, Cook, Schimel
Add S219-a, Eld L; add Art 12-F S599-aa, Bank L
Requires financial planners working with the elderly to be certified financial
planners.
S T A T E O F N E W Y O R K
________________________________________________________________________
5378
2011-2012 Regular Sessions
I N A S S E M B L Y
February 17, 2011
___________
Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
tee on Banks
AN ACT to amend the elder law and 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 S 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 BANKS.
22 S 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.
LBD00282-01-1
A. 5378 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 S 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 S 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 banks shall promulgate any rules and
27 regulations necessary for the implementation of this act on or before
28 its effective date.
