BUFFALO, N.Y. — Governor Andrew Cuomo has signed legislation to protect veterans from unscrupulous businesses and scammers who attempt to target them for financial products or services.
The Pension Poaching Prevention act makes it illegal for any entity, such as a financial services provider, to receive any compensation for helping veterans prepare a claim for benefits that the entity is not authorized to provide.
"Our veterans bravely put their lives on the line to protect our county and our freedoms, and we ow it to them to help ensure they have the protections and resources they need to be financially stable in the future," Governor Cuomo said. "There are plenty of businesses 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."
The bill puts multiple provisions in place to protect veterans and their families, such as:
- Making it illegal to receive compensation for assisting with the preparation of a claim.
- Prohibits entities from charging unreasonable fees for services.
- Guaranteeing that an individual will receive a specific amount of veterans' benefits money.
"I applaud the signing of the Pension Poaching Prevention Act by Governor Cuomo, which provides some of the strongest fiscal protections in the nation for veterans and their familes," said Director of Veterans' Services Director Jim McDonough. "Now, those that served and call new York home will know that their earned benefits will be protected from those who would take advantage of them."
Additionally, the legislation requires entities offering these services to inform veterans and their families that the NYS Division of Veterans' Services can provide free services regarding benefits.
New York State is home to nearly 750,000 veterans.