NY A05378

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

Defines "financial planner" to include individuals, businesses, or entities that sell, promote, or provide investment planning, retirement planning, estate planning, risk management, education planning, income tax planning, and other financial resource management services including 401(k)s, IRAs, and IRA rollovers.

Defines "elderly person" as having the same meaning ascribed in Section 214 of the Elder Law.

Amends both Elder Law (by adding Section 219-A) and Banking Law (by adding Article 12-F) with identical certification requirements.

Takes effect 365 days after becoming law, with the Superintendent of Banks required to promulgate implementing rules and regulations immediately upon enactment.