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GREENSTEIN BILL TO PROTECT CONSUMERS - ESPECIALLY SENIOR CITIZENS - FROM PREDATORY ANNUITY SALES BECOMES LAW
(TRENTON) - Assemblywoman Linda Greenstein (D-Middlesex) today released the following statement after Gov. Jon S. Corzine signed legislation she sponsored to protect consumers from predatory annuity sales, particularly senior citizens:
"Residents looking to invest for their retirements deserve every assurance that their hard-earned money is being handled by trained and certified financial experts. Protecting residents from receiving bad advice from bogus advisors is essential, especially in these times of financial uncertainty."
The bill, A2252/S1165, was also sponsored by Assemblywoman Nilsa Cruz-Perez (D-Camden) and Assemblymen Anthony Chiappone (D-Hudson) and John F. McKeon (D-Essex).
It provides requirements for marketing, information disclosure and product suitabilit and prohibits those who sell annuities from falsely representing their expertise on marketing materials.
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