State Bills Introduced This Week

State Bills Introduced this Week

The quantity of state bills introduced has begun to slow now that most state legislatures have come back into session.

Elderly Investor Protection

Arizona HB 2809 criminalizes theft through “undue influence”, defined as taking advantage of a victim’s vulnerability, mental or physical weakness, or state of distress.

New York SB 6581 would criminalize the financial exploitation of vulnerable elderly people and people with disabilities.

Financial Literacy

California AB 1950 would allow school districts to offer classes on financial literacy and require the Department of Education to develop a personal finances curriculum.

Miscellaneous Financial Services

Alabama HB 62 would encourage college savings by creating the ACES Opportunity Fund and exempting college savings plans from taxation.

Arizona HB 2782 would change and update laws regarding the sale of life insurance.

Maryland HB 645 would make all advisors fiduciaries when exercising providing financial guidance, unless otherwise specified. SB 689 would require the Maryland Insurance Commissioner to develop a course of continuing education in viaticals, and would require a viatical settlement broker provide a written disclosure to a viator before performing services for a viator.

Identity Theft Bills

Bills related to identity theft continue to be popular in the states, despite the numerous federal bills being considered in Congress.

Bills were introduced in the following states requiring notification of a breach of security of computer data containing personal information, and requiring companies that possess personal information maintain reasonable security procedures to protect that information:

Rhode Island (SB 2225) West Virginia (HB 4420)

Bills were introduced in the following states allowing consumers to place “security freezes” on their credit reports, in order to prevent identity theft: Kentucky (HB 4) Maryland (SB 631) Rhode Island (SB 2283, SB 2361) Tennessee (HB 2571) West Virginia (SB 488)

Bills were introduced in the following states restricting the use of social security numbers for identification, prohibiting public disclosure of social security numbers, requiring the destruction of documents containing social security numbers, or requiring companies to receive permission from a consumer before selling that consumer’s personal information to a third party;

New Jersey (AB 2518, text not yet available) Maryland (SB 486, HB 630) Washington (SB 6890)

Bills were introduced in the following states to prohibit more crimes related to identity theft, and describe potential legal responses:

New York (AB 9787) Tennessee (SB 2575) West Virginia (HB 4396)

Bills were introduced in the following states to allow the issuance of “identity theft passports,” which informs law enforcement and consumer credit officials that the bearer has been a victim of identity theft and protects them from responsibility for financial obligations incurred by the identity thieves.

Iowa (HB 2247) New York (SB 6594)