Relates to the financial exploitation of the elderly

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-u to the State Finance Law. Creates a fund to provide monies to the Financial Exploitation, Outreach, Education and Training Program.

Section 4 - Repeals title 13 of article 5 of the social services law, and adds a new title which makes it mandatory that certain persons and officials report when they have reasonable cause to suspect that a person aged sixty-two or older coming before them in their professional or official capacity is a victim of financial exploitation in violation of the penal law. The persons and officials required to make such a report include the following: medical, dental, podiatric and mental health professionals; hospital or nursing home personnel engaged in the admission, examination, care or treatment of patients; social workers, counselors and social service workers; police officers and other law enforcement officials; district attorneys, assistant district attorneys and investigators employed by their offices; lawyers; accountants; tax preparers; and certain banking institutions.

Reports shall be made to the local social services official of the district in which the reporting person gains knowledge of the illegal activity or in which the elderly person resides. The commissioner of children and family services shall promulgate rules providing for the conduct of investigations of reports made pursuant to this section and for the implementation of measures to protect victims against such financial exploitation when it is found.

It would allow for any person aged sixty-two or over or his or her estate to have a cause of action for damages against any person other

than banking institutions defined in section nine-f of the banking law and their affiliates who fails to make a report required by subdivision one of this section.

That any institution, facility, or agency, other than the alleged perpetrator, participating in good faith in making of a report of an alleged incident of suspected adult abuse, neglect or exploitation shall have immunity from any liability, civil or criminal penalties.

Section 5 - Establishes the 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 because elderly Americans control over 70% of the nation's wealth. Many seniors do not realize the value of their assets and 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 protect them from financial abuse.

Certain persons or officials in their professional or official capacity, who have reason to suspect an elderly person has been a victim of financial exploitation, will also be required to report these acts.

Legislative history

Similar to S.3127 (2008) Similar to S.6297 (2005-2006)

Fiscal implications

Undetermined.

Effective date

One hundred and twentieth day after it shall become law.