Establishes an elder financial exploitation public awareness campaign to educate older adults and persons providing care to older adults on the prevention and detection of financial exploitation.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A8447A
SPONSOR: Seawright TITLE OF BILL:
An act to amend the elder law, in relation to establishing an elder
financial exploitation public awareness campaign
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to spread awareness about the prevention and
detection of the financial exploitation of older adults.
SUMMARY OF PROVISIONS:
Section one would require the State Office for the Aging, in consulta-
tion with the Department of Financial Services, to develop a public
awareness campaign on elder financial exploitation. This would educate
older adults and those who care for or have a fiduciary responsibility
to an older adult on preventing and detecting elder financial exploita-
tion. The campaign would provide information on topics, such as the
estimated number of older adults who are victims of financial exploita-
tion in New York state, risk factors, common scams and indicators that
an older adult is being financially exploited, reporting methods,
prevention strategies, and the services provided by the elder abuse
enhanced multidisciplinary team program.
Section two would establish the effective date.
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):
The A-print amendments would add section 227 to the elder law and remove
the provision to add section 226 to the elder law.
JUSTIFICATION:
According to AARP, individuals 60 years and older lose an estimated
$28.3 billion annually to financial exploitation. Older adults in New
York State must be protected from this abuse by raising awareness on how
to detect and prevent financial scams and fraud. This campaign will
empower older adults and those close to them to know the signs of finan-
cial exploitation and the resources New York State offers to help them.
LEGISLATIVE HISTORY:
New bill.
FISCAL IMPLICATIONS:
To be determined.
EFFECTIVE DATE:
This act would take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
8447--A
Cal. No. 211
2025-2026 Regular Sessions
IN ASSEMBLY
May 16, 2025
___________
Introduced by M. of A. SEAWRIGHT, GRIFFIN, LUPARDO, TAYLOR, ZINERMAN,
SANTABARBARA, WALSH -- read once and referred to the Committee on
Aging -- ordered to a third reading, amended and ordered reprinted,
retaining its place on the order of third reading
AN ACT to amend the elder law, in relation to establishing an elder
financial exploitation public awareness campaign
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The elder law is amended by adding a new section 227 to
2 read as follows:
3 § 227. Elder financial exploitation public awareness campaign. The
4 director, in consultation with the superintendent of the department of
5 financial services, is hereby authorized and directed to develop and
6 conduct a public awareness campaign to educate older adults and persons
7 providing care to or who have a fiduciary responsibility to an older
8 adult on the prevention and detection of financial exploitation. The
9 campaign may utilize public forums, social media, and mass media,
10 including but not limited to internet, radio, and print advertising. The
11 director shall, at a minimum, include informational materials on the
12 office's website and distribute such materials to each area agency on
13 aging in the state. Such materials shall include, but not be limited to,
14 information on the following:
15 1. the estimated number of older adults who are victims of financial
16 exploitation in New York state and the average amount of money lost;
17 2. factors that may increase the risk of financial exploitation for
18 older adults;
19 3. common types of financial scams and fraud and indicators of such
20 types of financial exploitation;
21 4. common indicators that an older adult may be a victim of financial
22 exploitation;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13102-04-6
A. 8447--A 2
1 5. methods for older adults to report potential or actual instances of
2 financial exploitation;
3 6. strategies for older adults to protect against financial exploita-
4 tion; and
5 7. resources for victims of financial exploitation, including the
6 services provided through the elder abuse enhanced multidisciplinary
7 team program, as established by section two hundred twenty-five of this
8 title.
9 § 2. This act shall take effect immediately.
