MONTPELIER, Vt. (6/8/09)--Joe Bergeron, president of the Association of Vermont Credit Unions (AVCU),
Attending the signing of the Senior Protection and Financial Services Act by Vermont Gov. Jim Douglas were Joe Bergeron, president, Association of Vermont Credit Unions (third from right); Ann Cummings, chair of the Vermont Senate Finance Committee (third from left); Paulette Thabault, commissioner of the State of Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA) (fourth from right); and Tom Candon, BISCHA deputy commissioner (second from right). (Photo provided by the Association of Vermont Credit Unions)
attended the signing last week of the Senior Protection and Financial Services Act by Vermont Gov. Jim Douglas. AVCU said it supported the legislation. Vermont is the 21st state to enact this type of legislation, AVCU said (Newslines Express
June 5). The new Vermont law, passed by the state legislature earlier this year, aims to:
* Protect senior citizens by regulating reverse mortgages; * Certify the legitimacy of persons claiming to be experts in senior citizen financial matters; and * Prevent life insurance scams that use Stranger Owned Life Insurance (STOLI).
STOLI scams occur when an investor buys a life-insurance policy on a senior in exchange for paying the senior a small payment and designating the scamster as the policy’s beneficiary.