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NY S04807
Bill
Status
8/23/2019
Primary Sponsor
David Carlucci
Click for details
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 (title 38, section 14.636 of U.S. Code of Federal Regulations) before any services are rendered.
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Mandates entities provide specific oral and written disclosures stating they are not affiliated with the U.S. Department of Veterans Affairs, New York State Division of Veterans' Affairs, or congressionally chartered veterans service organizations, and that similar services may be available free of charge.
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Prohibits guaranteeing specific veterans' benefits outcomes, charging excessive or unreasonable fees, collecting fees before a notice of disagreement is filed, and receiving compensation for referrals to other individuals for veterans' benefits assistance.
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Treats violations as deceptive business practices subject to penalties under General Business Law section 349, with enhanced civil penalties available for violations involving persons 65 years of age 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