NY A03762

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

Defines "financial planner" to include any individual, business, or entity selling or promoting investment planning, retirement planning, estate planning, tax planning, education planning, risk management, and management of financial resources including 401(k)s, IRAs, Roth IRAs, SEP-IRAs, and IRA rollovers.

Defines "elderly person" using the same meaning from elder law section 214.

Amends both the 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 financial services required to promulgate implementing rules and regulations immediately.