S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6791
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 8, 2021
                                ___________
 
 Introduced  by  M.  of A. BICHOTTE HERMELYN, RICHARDSON -- read once and
   referred to the Committee on Banks
 
 AN ACT to amend the elder law  and  the  banking  law,  in  relation  to
   requiring  financial planners working with the elderly to be certified
   financial planners

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The elder law is amended by adding a new section 219-a to
 read as follows:
   § 219-A. FINANCIAL PLANNING  SALES,  PRODUCTS  AND  SERVICES  SOLD  OR
 MARKETED  TO  THE  ELDERLY.  1.  FOR  THE  PURPOSES OF THIS SECTION, THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A) THE TERM "ELDERLY PERSON" SHALL HAVE THE SAME MEANING ASCRIBED  IN
 SECTION TWO HUNDRED FOURTEEN OF THIS TITLE.
   (B)  THE  TERM "FINANCIAL PLANNER" SHALL MEAN ANY INDIVIDUAL, BUSINESS
 OR ENTITY THAT SELLS, PROMOTES  OR  HOLDS  THEMSELVES  OUT  TO  SELL  OR
 PROMOTE  OR  PROVIDE INVESTMENT PLANNING, INCOME TAX PLANNING, EDUCATION
 PLANNING, RETIREMENT PLANNING, ESTATE PLANNING, RISK MANAGEMENT, AND ANY
 OTHER AREA WITH  RESPECT  TO  THE  MANAGEMENT  OF  FINANCIAL  RESOURCES;
 INCLUDING  BUT  NOT  LIMITED  TO 401(K)S, INDIVIDUAL RETIREMENT ACCOUNTS
 (IRAS), ROTH IRAS, SEP-IRAS, AND IRA ROLLOVERS.
   2. FINANCIAL PLANNERS WHO DERIVE ANY INCOME OR BUSINESS  FROM  ELDERLY
 PERSONS  WHO ARE RESIDENTS OF NEW YORK STATE SHALL BE REQUIRED TO BECOME
 CERTIFIED. CERTIFICATION SHALL MEAN HAVING  FULFILLED  ALL  EDUCATIONAL,
 ETHICAL  AND  CERTIFICATION EXAM REQUIREMENTS SET FORTH BY THE CERTIFIED
 FINANCIAL PLANNER BOARD  OF  STANDARDS,  INCORPORATED  OR  A  NATIONALLY
 RECOGNIZED  ACCREDITATION  AGENCY  ACCEPTABLE  TO  THE SUPERINTENDENT OF
 FINANCIAL SERVICES.
   § 2. The banking law is amended by adding a new article 12-F  to  read
 as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06476-01-1
              

 A. 6791                             2
 
                               ARTICLE 12-F
     FINANCIAL PLANNERS SELLING RETIREMENT PRODUCTS OR SERVICES TO THE
                                  ELDERLY
 
 SECTION 599-AA. FINANCIAL  PLANNING SALES, PRODUCTS AND SERVICES SOLD OR
                   MARKETED TO THE ELDERLY.
 
   § 599-AA. FINANCIAL PLANNING SALES,  PRODUCTS  AND  SERVICES  SOLD  OR
 MARKETED  TO  THE  ELDERLY.    1.  FOR THE PURPOSES OF THIS SECTION, THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A) THE TERM "ELDERLY PERSON" SHALL HAVE THE SAME MEANING ASCRIBED  IN
 SECTION TWO HUNDRED FOURTEEN OF THE ELDER LAW.
   (B)  THE  TERM "FINANCIAL PLANNER" SHALL MEAN ANY INDIVIDUAL, BUSINESS
 OR ENTITY THAT SELLS, PROMOTES  OR  HOLDS  THEMSELVES  OUT  TO  SELL  OR
 PROMOTE  OR  PROVIDE INVESTMENT PLANNING, INCOME TAX PLANNING, EDUCATION
 PLANNING, RETIREMENT PLANNING, ESTATE PLANNING, RISK MANAGEMENT, AND ANY
 OTHER AREA WITH  RESPECT  TO  THE  MANAGEMENT  OF  FINANCIAL  RESOURCES;
 INCLUDING  BUT  NOT  LIMITED  TO 401(K)S, INDIVIDUAL RETIREMENT ACCOUNTS
 (IRAS), ROTH IRAS, SEP-IRAS, AND IRA ROLLOVERS.
   2. FINANCIAL PLANNERS WHO DERIVE ANY INCOME OR BUSINESS  FROM  ELDERLY
 PERSONS  WHO ARE RESIDENTS OF NEW YORK STATE SHALL BE REQUIRED TO BECOME
 CERTIFIED. CERTIFICATION SHALL MEAN HAVING  FULFILLED  ALL  EDUCATIONAL,
 ETHICAL,  AND CERTIFICATION EXAM REQUIREMENTS SET FORTH BY THE CERTIFIED
 FINANCIAL PLANNER BOARD  OF  STANDARDS,  INCORPORATED  OR  A  NATIONALLY
 RECOGNIZED ACCREDITATION AGENCY ACCEPTABLE TO THE SUPERINTENDENT.
   §  3.  This act shall take effect on the three hundred sixty-fifth day
 after it shall have become a law.  Effective immediately, the  addition,
 amendment  and/or  repeal  of  any  rule or regulation necessary for the
 implementation of this act on its effective date are  authorized  to  be
 made and completed on or before such effective date.