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NY A06292
Bill
Status
8/23/2019
Primary Sponsor
Walter Mosley
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AI Summary
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Prohibits entities from receiving compensation for advising or assisting with veterans' benefits matters except as permitted under Title 38 of the United States Code and corresponding federal regulations.
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Requires written fee agreements signed by both parties that comply with federal regulations at 38 U.S.C. § 14.636 before any services are rendered.
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Mandates entities provide specific oral and written disclosures at the outset of business relationships stating the business is not affiliated with the Department of Veterans Affairs or congressionally chartered veterans service organizations, and that free services may be available elsewhere.
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Prohibits guarantees of specific veterans' benefits outcomes, excessive or unreasonable fees, compensation for referrals to other service providers, and any fees before a notice of disagreement is filed.
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Classifies violations as deceptive business practices subject to General Business Law penalties, with additional civil penalties for violations involving persons age 65 or older.
Legislative Description
Enacts the pension poaching prevention act to prevent financial planners, insurance agents, and other professionals from luring veterans and their family members to pay substantial funds for veterans' benefits services that the offering entity is unqualified to provide and that can detrimentally impact the future financial situations of the veteran and his or her dependents.
Last Action
signed chap.183
8/23/2019