NY A02727

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, 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 providing investment planning, retirement planning, estate planning, risk management, tax planning, education planning, and management of financial resources including 401(k)s, IRAs, and IRA rollovers.

Defines "elderly person" using the definition provided in section 214 of the elder law.

Amends both the elder law (by adding section 219-a) and the banking law (by adding article 12-F) to establish identical certification requirements.

Takes effect 365 days after enactment, with the superintendent of financial services required to promulgate necessary rules and regulations immediately upon passage.