New York Assembly Bill A08447

New York 2025-2026 Regular Session

• Introduced: 5/16/25
• Refer: 5/16/25
• Report Pass: 5/20/25
• Refer: 5/20/25
• Report Pass: 6/6/25
• Refer: 6/6/25
• Report Pass: 6/9/25
• Engrossed: 6/9/25
• Refer: 6/9/25

Caption

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.