What's happening
This bill authorizes a study on bankruptcy filings by New York senior citizens over the past ten years and their causes.
Why it matters
Targets a vulnerable demographic. By focusing on seniors, the study aims to understand the specific financial challenges and risks faced by older adults, a group often on fixed incomes and susceptible to economic shocks.
Examines root causes. The study is not just about counting bankruptcies; it’s tasked with uncovering the underlying factors (such as medical debt, housing costs, predatory lending, or insufficient retirement savings) that lead seniors in New York to file for bankruptcy.
Potential policy impact. The findings and legislative recommendations required by the bill could shape future state actions or reforms, potentially leading to new protections, financial assistance programs, or regulatory changes for seniors.
Facilitates inter-agency cooperation. The bill gives the Office for the Aging authority to obtain relevant data from state agencies and assisted living facilities, ensuring a comprehensive and informed study while maintaining confidentiality standards.
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Who cares
Headline styles
Study Senior Bankruptcies
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 14
No co-sponsors yet.
History
- Referred to aging
- 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.
Study Senior Bankruptcies
In Assembly Committee · Aging · Sponsor Aravella Simotas
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5354
2019-2020 Regular Sessions
IN SENATE
April 29, 2019
Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee 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 thereof
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The office for the aging is authorized and directed to conduct a study on the number of senior citizens residing in New York state who have filed for bankruptcy in the past ten years and the underlying causes which resulted in such bankruptcy filings.
§ 2. On or before one year after the effective date of this act, the director of the office for the aging shall deliver a copy of the findings of the study conducted pursuant to section one of this act and any legislative recommendations he or she deem to be necessary to the governor, the temporary president of the senate, and the speaker of the assembly.
§ 3. The director of the office for the aging may request, and is authorized to receive, any information from any state agencies or assisted living facilities that is relevant and material to the completion of this study and report. Such information received by the office for the aging shall be subject to the same requirements for confidentiality and limitations on use, if any, as is applicable to each such state agency's use of such information.
§ 4. This act shall take effect immediately and shall be deemed repealed thirty days after the delivery of the report to the governor and the legislature as provided for in section two of this act; provided that the office for the aging shall notify the legislative bill drafting commission upon the occurrence of the delivery of the report provided 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.
LBD01545-01-9
S. 5354 2
an accurate and timely effective data base of the official text of the laws of the state of New York in furtherance of effectuating the provisions of section 44 of the legislative law and section 70-b of the public officers law.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
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 expira- tion 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 infor- mation 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
2017-2018: A11364
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.