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.
Impact
The implementation of this bill would require the director, in consultation with the department of financial services, to develop and conduct a comprehensive public awareness campaign. This would potentially alter existing statutes related to elder law by introducing a structured approach to addressing financial exploitation. It may facilitate greater communication and resource management among agencies serving older adults, thus enhancing their ability to fend off financial threats.
Summary
Bill A08447 aims to establish an 'Elder Financial Exploitation Public Awareness Campaign' in New York State. This initiative is designed to educate older adults and their caregivers about the prevention and detection of financial exploits, which are a growing concern in safeguarding the financial well-being of this demographic. The initiative seeks to mitigate the risks faced by older adults and ensures they are informed about potential scams and methods to protect themselves from financial abuse.
Contention
Notable points of contention surrounding A08447 relate to the adequacy of resources allocated for such a campaign and the effectiveness of public outreach strategies in reaching those who are most at risk. Critics argue that while the campaign provides an essential framework for awareness, there is potential risk in assuming that increased education alone will prevent exploitation without adequate enforcement of financial protections at multiple government levels. Additionally, discussions may arise regarding the efficiency of current measures against financial scams and whether the proposed solutions will provide tangible benefits to at-risk populations.
Same As
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.
Allows for investment advisers and firms to disclose potential financial exploitation of elderly and vulnerable adults to the commissioner of the department of financial services and to halt disbursements from an account if an adviser or firm believes that financial exploitation is occurring.
Relates to the reporting of suspected financial exploitation; requires the superintendent of the department of financial services to develop guidelines relating to reporting suspected financial exploitation; provides that a third party who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.
Relates to the reporting of suspected financial exploitation; requires the superintendent of the department of financial services to develop guidelines relating to reporting suspected financial exploitation; provides that a third party who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.
Requires a report on individuals who are the primary caregiver for an older adult, including the number of individuals who are primary caregivers for an older adult, the average age of a primary caregiver, the cost to an individual to provide care to an older adult, and the economic value and savings to the state of such individual's services.