NY A10983

Financial planners who derive any income or business from elderly New York residents must become certified through the Certified Financial Planner Board of Standards, Incorporated, or a nationally recognized accreditation agency acceptable to the Superintendent of Banks.

Defines "financial planner" as any individual, business, or entity that sells, promotes, or provides investment planning, income tax planning, education planning, retirement planning, estate planning, risk management, or other financial resource management services, including 401(k)s, IRAs, Roth IRAs, SEP-IRAs, and IRA rollovers.

Defines "elderly person" using the same definition ascribed in Section 214 of the Elder Law.

Adds Section 219-A to the Elder Law and Article 12-F to the Banking Law with identical certification requirements.

Takes effect 365 days after enactment, with the Superintendent of Banks authorized to promulgate necessary rules and regulations.