Provides for a financial exploitation prevention outreach, education and training program and fund

1 Co-sponsor

• Kemp Hannon

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 section 202 of the Elder Law and changes the duties of the New York State Office for the Aging to include the administration of programs on financial elder abuse.

Section 2 -- Adds a new section 219-a to the Elder Law and creates the Financial Exploitation, Outreach, Education and Training Program to be administered by the New York State Office for the Aging. Section 219-a also creates an advisory committee for the program.

Section 3 -- Adds a section 99-p to the State Finance Law. Creates a fund to provide monies to the Financial Exploitation, Outreach, Education and Training Program.

Section 4 -- Effective date.

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. 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.

Legislative history

S.5489 - Referred to Aging in 2007 and 2008

Fiscal implications

Undetermined.

Effective date

This act shall take effect immediately.