A05378 Summary:

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.
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A05378 Actions:

BILL NO    A05378 

02/17/2011 referred to banks
01/04/2012 referred to banks
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A05378 Votes:

There are no votes for this bill in this legislative session.
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A05378 Text:

                           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.
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