New York A 7019: Establishes protections for eligible adults from financial exploitation

Bill Text

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A07019 Summary:

BILL NOA07019 

&nbsp

SAME ASSAME AS S06379

&nbsp

SPONSORSeawright

&nbsp

COSPNSRRomero, Kassay, Griffin, Burdick, Shimsky, Colton, De Los Santos, Santabarbara, Simone, Stern,
 Buttenschon, Reyes, Steck, Schiavoni, Gibbs, Lupardo, Kay, Simon, Woerner, Eachus, Epstein, Sayegh,
 Taylor, Raga, Cruz, Brown K, Hevesi, Hooks, McDonald, Cook

&nbsp

MLTSPNSR

&nbsp

Add §352-m, Gen Bus L; add §4-d, Bank L; amd §473, Soc Serv L

&nbsp

Establishes protections for adults sixty years of age or older, or at least the age of eighteen and who, because of mental or physical impairments, are unable to manage their own resources or protect themselves from financial exploitation without assistance from others.

Go to top A07019 Actions:

BILL NOA07019 

&nbsp

03/18/2025referred to banks

01/07/2026referred to banks

Go to topA07019 Committee&nbspVotes:

Go to topA07019 Floor&nbspVotes:

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

Go to topA07019 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7019

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 18, 2025
 ___________

 Introduced by M. of A. SEAWRIGHT, ROMERO -- read once and referred to
 the Committee on Banks

 AN ACT to amend the general business law, the banking law, and the
 social services law, in relation to protecting eligible adults from
 financial exploitation

 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
 2 352-m to read as follows:
 3 § 352-m. Protecting eligible adults from exploitation. 1. Definitions.
 4 As used in this section the following terms shall have the following
 5 meanings:
 6 (a) "Adult protective services" means the division of the New York
 7 city human resources administration and each county agency responsible
 8 for providing adult protective services pursuant to section four hundred
 9 seventy-three of the social services law.
 10 (b) "Eligible adult" means an individual who is: sixty years of age or
 11 older; or at least the age of eighteen and who, because of mental or
 12 physical impairment, is unable to manage their own resources or protect
 13 themselves from financial exploitation without assistance from others.
 14 (c) "Financial exploitation" means: (i) the improper use of an eligi-
 15 ble adult's funds, property, income or assets; or (ii) any act or omis-
 16 sion by a person, including through the use of a power of attorney,
 17 guardianship or any other authority regarding an eligible adult to: (A)
 18 obtain control, through deception, intimidation, threats or undue influ-
 19 ence over the eligible adult's money, assets, income or property; or
 20 (B) convert the eligible adult's money, assets, income or property.
 21 (d) "Law enforcement agency" means any agency, which is empowered by
 22 law to make an arrest for a felony, and any agency which is authorized
 23 by law to prosecute a felony and including any police officer as defined

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10910-01-5

 A. 7019 2

 1 by subdivision thirty-four of section 1.20 of the criminal procedure law
 2 and any prosecutor.
 3 (e) "Qualified individual" means any agent, investment adviser repre-
 4 sentative or person who serves in a supervisory, compliance, legal, or
 5 senior or vulnerable adult protection capacity for a broker-dealer or
 6 investment adviser.
 7 2. Notification. If a broker-dealer, investment adviser, or qualified
 8 individual reasonably believes financial exploitation of an eligible
 9 adult has occurred, has been attempted, or is being attempted, such
 10 broker-dealer, investment adviser, or qualified individual may promptly
 11 notify the adult protective services and/or law enforcement.
 12 3. Application of transaction hold. (a) If a broker-dealer, invest-
 13 ment adviser, or qualified individual reasonably believes that financial
 14 exploitation of an eligible adult may have occurred, may have been
 15 attempted, or is being attempted, then such broker-dealer, investment
 16 adviser, or qualified individual may place a transaction hold on such
 17 transaction.
 18 (b) A broker