senate Bill S4807

Signed By Governor
2019-2020 Legislative Session

Enacts the pension poaching prevention act

download bill text pdf

Sponsored By

Current Bill Status Via A6292 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 23, 2019 signed chap.183
Aug 19, 2019 delivered to governor
May 21, 2019 returned to assembly
passed senate
3rd reading cal.821
substituted for s4807
May 21, 2019 substituted by a6292
ordered to third reading cal.821
reported and committed to rules
Mar 26, 2019 referred to consumer protection

Votes

view votes

May 21, 2019 - Consumer Protection committee Vote

S4807
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Consumer Protection committee vote details

Consumer Protection Committee Vote: May 21, 2019

May 21, 2019 - Rules committee Vote

S4807
17
0
committee
17
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S4807 (ACTIVE) - Details

See Assembly Version of this Bill:
A6292
Law Section:
General Business Law
Laws Affected:
Add §349-f, Gen Bus L

S4807 (ACTIVE) - Summary

Enacts the pension poaching prevention act to prevent financial planners, insurance agents, and other professionals from luring veterans and their family members to pay substantial funds for veterans' benefits services that the offering entity is unqualified to provide and that can detrimentally impact the future financial situations of the veteran and his or her dependents.

S4807 (ACTIVE) - Sponsor Memo

S4807 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4807

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 26, 2019
                               ___________

Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Consumer Protection

AN ACT to amend the general business law, in relation  to  enacting  the
  pension poaching prevention act

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be cited  as  the  "pension
poaching prevention act".
  §  2.  Legislative findings and intent. Nationally, veterans and their
family members are often subject to a practice commonly  called  pension
poaching.  This  troubling practice, as described in recent reports from
the Federal Trade  Commission,  the  Federal  Government  Accountability
Office,  the  United  States Department of Veterans Affairs, and several
other entities, generally target elderly or disabled veterans and  their
family  members. Pension poaching involves dishonest financial planners,
insurance agents, and other  professionals  luring  veterans  and  their
family  members to pay substantial funds for veterans' benefits services
that the offering entity is unqualified to provide and that  can  detri-
mentally  impact  the future financial situations of the veteran and his
or her dependents.
  Entities engaging in pension poaching tend to use high-pressure  sales
tactics  directed toward potential customers, falsely guaranteeing bene-
fits for veterans and their families even when  the  advertising  entity
lacks  the federal accreditation required by law to file such claims and
appeals for federal veterans' benefits. Often,  they  persuade  veterans
and their family members to abruptly move most or all of their assets to
potentially  qualify  for  certain federal veterans benefits, frequently
causing veterans and their family members to  unwittingly  lose  control
over  their  assets  and adversely affecting the ability of veterans and
their families to qualify for Medicaid and other important  benefits  in
the  future.  These  entities  frequently charge extremely high fees for

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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