Legislation Assemblymen Gary Schaer, Matt Milam and John Wisniewski sponsored to prohibit financial advisors from using misleading information to make it appear they have special certifications for advising senior citizens was released 7-0 Thursday by the Assembly Financial Institutions and Insurance Committee.
The bill (A-369) would prohibit financial advisors from advertising senior-specific certifications or professional designations which: · Was not actually earned or that an advisor is otherwise ineligible to use;
· Is nonexistent or self-conferred;
· Indicates or implies a level of occupational qualifications obtained through education, training or experience that the person does not have; and
· Is conferred by any organization that does not meet certain recognized professional criteria.
The bill now heads to the Assembly Speaker, who decides if and when to post it for a floor vote.
