With major changes to New York state’s power of attorney laws going into effect this month, credit unions are invited to access a complimentary on-demand webinar highlighting the key changes they should consider when implementing updated power of attorney procedures.
The changes will have a direct impact on whether or not your credit union decides to honor a power of attorney and will be effective on June 13.
Governor Cuomo signed legislation on Dec. 15, 2020 addressing the complexity of the statutory short form, the exact wording requirement and penalties for those who improperly refuse to honor the document. Additionally, it eliminates the statutory gifts rider and gifts over $5,000 per year can be authorized in the modifications section of the power of attorney documentation.
The on-demand recording and session handouts can be accessed on the Association’s website. Log-in is required.