Authorizes the study of the number of senior citizens in New York state who have filed for bankruptcy in the past ten years; provides that the director of the office for the aging shall deliver a copy of the findings of the study conducted and any legislative recommendations to the governor and the legislature.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4535
SPONSOR: Hyndman TITLE OF BILL:
An act authorizing the study of the number of senior citizens in New
York state who have filed for bankruptcy in the past ten years; and
providing for the repeal of such provisions upon the expiration thereof
PURPOSE:
To direct the office for the aging to provide analysis, for the underly-
ing causes which have resulted in bankruptcy filings among senior citi-
zens in New York.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 directs the office for the aging to conduct a study on the
number of senior citizens in New York who have filed for bankruptcy in
the past ten years and the underlying causes of such filings.
Section 2 requires the director of the office for the aging to report
the findings and make any recommendations to the legislature within one
year of the bill's enactment.
Section 3 authorizes the director of the office for the aging to utilize
state agencies and assisted. living facilities to collect relevant
information for the study.
Section 4 sets the effective date.
JUSTIFICATION:
Across the country, there has been a significant rise in the number of
senior citizens filing for bankruptcy in recent years. There are many
financial burdens affecting seniors, including increasing medical costs,
loss of family members, and high levels of debt carried over into
retirement. Conducting a study of senior bankruptcy will allow us to
determine the scope of the problem in our state and identify underlying
causes to address in order to protect New Yorkers nearing retirement.
This bill is an important first step towards an informed, comprehensive
legislative solution to prevent bankruptcy among the elderly and support
the financial health of seniors throughout our state.
PRIOR LEGISLATIVE HISTORY:
2022: S5590
2017-2018: A11364
FISCAL IMPLICATIONS:
To be determined.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
4535
2025-2026 Regular Sessions
IN ASSEMBLY
February 4, 2025
___________
Introduced by M. of A. HYNDMAN -- read once and referred to the Commit-
tee on Aging
AN ACT authorizing the study of the number of senior citizens in New
York state who have filed for bankruptcy in the past ten years; and
providing for the repeal of such provisions upon the expiration there-
of
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The office for the aging is authorized and directed to
2 conduct a study on the number of senior citizens residing in New York
3 state who have filed for bankruptcy in the past ten years and the under-
4 lying causes which resulted in such bankruptcy filings.
5 § 2. On or before one year after the effective date of this act, the
6 director of the office for the aging shall deliver a copy of the find-
7 ings of the study conducted pursuant to section one of this act and any
8 legislative recommendations such director deems necessary to the gover-
9 nor, the temporary president of the senate, and the speaker of the
10 assembly.
11 § 3. The director of the office for the aging may request, and is
12 authorized to receive, any information from any state agencies or
13 assisted living facilities that is relevant and material to the
14 completion of this study and report. Such information received by the
15 office for the aging shall be subject to the same requirements for
16 confidentiality and limitations on use, if any, as is applicable to each
17 such state agency's use of such information.
18 § 4. This act shall take effect immediately and shall be deemed
19 repealed thirty days after the delivery of the report to the governor
20 and the legislature as provided for in section two of this act; provided
21 that the office for the aging shall notify the legislative bill drafting
22 commission upon the occurrence of the delivery of the report provided
23 for in section two of this act in order that the commission may maintain
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05330-01-5
A. 4535 2
1 an accurate and timely effective data base of the official text of the
2 laws of the state of New York in furtherance of effectuating the
3 provisions of section 44 of the legislative law and section 70-b of the
4 public officers law.
