|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Aug 23, 2019||signed chap.183|
|Aug 19, 2019||delivered to governor|
|May 21, 2019||returned to assembly|
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|
senate Bill S4807Signed By Governor
Current Bill Status Via A6292 - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S4807 (ACTIVE) - Details
- See Assembly Version of this Bill:
- 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
BILL NUMBER: S4807 SPONSOR: CARLUCCI TITLE OF BILL: An act to amend the general business law, in relation to enacting the pension poaching prevention act PURPOSE OR GENERAL IDEA OF BILL: This bill would prohibit any entity from receiving compensation for helping veterans and their dependents prepare a claim, except as permit- ted under United States Department of Veterans Affairs (USDVA) stand- ards. SUMMARY OF PROVISIONS: Section 1: This Act shall be known and cited as the "pension poaching prevention act." Section 2: Legislative findings and intent. Section 3: A new section 349-f is added to the General Business Law to
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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