Governor signs senior protection and financial services law

On Monday, June 1, at the Waterbury Area Senior Center, Governor Jim Douglas signed into law H.222, An Act Relating to Senior Protection and Financial Services. It contains several provisions to protect older Vermonters who purchase certain types of lending and insurance products. The Governor was joined by area seniors, Administration officials, aging issues advocates, and representatives from the American Council of Life Insurers, the Vermont Mortgage Bankers Association and the Vermont Bankers Association, among others.
Governor Douglas said, “As we all know, these are difficult economic times. Life can be especially difficult for senior citizens on fixed incomes and reduced retirement savings. It’s unfortunate that during economic turndowns we often see a rise in predatory and exploitive practices by a few bad apples. This bill helps protect the financial resources of older Vermonters by prohibiting opportunistic and unscrupulous practices that take advantage of seniors’ financial fears and circumstances. It also helps ensure that those conducting legitimate financial business with seniors are held to the highest professional standards and can offer products in a fair and regulatedmarket...”