NY A03305

Amends Elder Law and Banking Law to require financial planners who derive income from elderly New York residents to become certified financial planners.

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

Requires certification to meet all educational, ethical, and exam requirements set by the Certified Financial Planner Board of Standards, Inc. or a nationally recognized accreditation agency acceptable to the Superintendent of Financial Services.

Applies the same certification requirements through both Elder Law Section 219-A and Banking Law Article 12-F.

Takes effect 365 days after enactment, with the Superintendent of Financial Services required to promulgate implementing rules and regulations immediately upon passage.