- By New York State Governor's Office
- News
Governor Andrew M. Cuomo signed legislation (S.4807/A.6292) last Friday to protect veterans from scammers and unscrupulous businesses who attempt to sell unneeded financial products or services to veterans to earn a commission or fee. The Pension Poaching Prevention Act prohibits any entity from receiving compensation for helping veterans and their dependents prepare a claim for benefits services that the entity is not authorized to provide, except as allowed under the United States Department of Veterans Affairs standards. The bill will take effect 120 days after becoming law.
"Our veterans bravely put their lives on the line to protect our country and our freedoms, and we owe it to them to help ensure they have the protections and resources they need to be financially stable in the future," Cuomo said. "There are plenty of business that legitimately assist veterans and their families. However, there are far too many bad actors who prey upon the individuals who have valiantly served our state and our nation, causing irreparable financial harm. In enacting the strongest state legislation in the nation to protect our veterans and their families from these pension poaching schemes, we are sending a clear message to these unscrupulous entities that we will not allow them to abuse our service members and recognizing the sacrifice these brave men and women have made."