New York S 1293: Relates to creating a community solutions matching grant program

Bill Text

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S01293 Summary:

BILL NOS01293 

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SAME ASNo Same As

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SPONSORBORRELLO

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COSPNSROBERACKER, SANDERS

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MLTSPNSR

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Add §359-eeee, Gen Bus L

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Allows for investment advisers and firms to disclose potential financial exploitation of elderly and vulnerable adults to the commissioner of the department of financial services and to halt disbursements from an account if an adviser or firm believes that financial exploitation is occurring.

Go to top S01293 Actions:

BILL NOS01293 

&nbsp

01/09/2025REFERRED TO CONSUMER PROTECTION

01/07/2026REFERRED TO CONSUMER PROTECTION

Go to topS01293 Committee&nbspVotes:

Go to topS01293 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01293 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1293

 2025-2026 Regular Sessions

 IN SENATE

 January 9, 2025
 ___________

 Introduced by Sens. BORRELLO, OBERACKER, SANDERS -- 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 preventing the
 financial exploitation of older and vulnerable adults

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The general business law is amended by adding a new section
 2 359-eeee to read as follows:
 3 § 359-eeee. Prevention of financial exploitation of elderly and
 4 vulnerable adults. 1. For purposes of this section, the following terms
 5 shall have the following meanings:
 6 (a) "Eligible adult" means:
 7 (i) a person sixty-five years of age or older; or
 8 (ii) a person subject to adult protective services.
 9 (b) "Financial exploitation" means:
 10 (i) the wrongful or unauthorized taking, withholding, appropriation,
 11 or use of money, assets or property of an eligible adult; or
 12 (ii) any act or omission taken by a person, including through the use
 13 of a power of attorney, guardianship, or conservatorship of an eligible
 14 adult, to:
 15 (1) obtain control, through deception, intimidation or undue influ-
 16 ence, over such eligible adult's money, assets or property to deprive
 17 such eligible adult of the ownership, use, benefit or possession of such
 18 eligible adult's money, assets or property; or
 19 (2) convert money, assets or property of such eligible adult to
 20 deprive such eligible adult of the ownership, use, benefit or possession
 21 of such eligible adult's money, assets or property.
 22 (c) "Qualified individual" means any agent, representative or person
 23 who serves in a supervisory, compliance, or legal capacity for a brok-
 24 er-dealer or investment adviser.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01685-01-5

 S. 1293 2

 1 (d) "Investment advisor" shall have the same meaning as such term is
 2 defined pursuant to paragraph (a) of subdivision one of section three
 3 hundred fifty-nine-eee of this article.
 4 (e) "Broker" and "dealer" shall have the same meaning as such terms
 5 are defined pursuant to paragraphs (a) and (b) of subdivision one of
 6 section three hundred fifty-nine-e of this article.
 7 2. (a) If a qualified individual reasonably believes that financial
 8 exploitation of an eligible adult may have occurred, may have been
 9 attempted, or is being attempted, such qualified individual may promptly
 10 notify adult protective services and the commissioner of the department
 11 of financial services.
 12 (b) A qualified individual that in good faith and exercising reason-
 13 able care makes a disclosure of information pursuant to paragraph (a) of
 14 this subdivision shall be immune from administrative or civil liability
 15 that might otherwise arise from such disclosure or for any failure to
 16 notify the customer of the disclosure.
 17 3. (a) If a qualified individual reasonably believes that financial
 18 exploitation of an eligible adult may have occurred, may have been
 19 attempted, or is being attempted, such qualified individual may notify
 20 any third-party previously designated by the eligible adult. Disclosure
 21 shall not be made to any designated third-party that is suspected of
 22 financial exploitation or other