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Sponsors
No co-sponsors yet.
History
- Reported and committed to finance
- Print number 4990a
- Amend and recommit to aging
- Referred to aging
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.558
- Reported and committed to finance
- Referred to aging
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides for a financial exploitation prevention outreach, education and training program and fund
Assembly Floor Calendar · Sponsor Steven Englebright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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-q 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 educa- tion and training they need to ensure they are not victims of elder financial abuse.
Fiscal implications
Undetermined.
Effective date
90 days after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.