Thanks for posting this! Glad to see something is being done. And thanks for reminding me, I actually have to go fill out some paperwork now for a lawsuit against a life insurance company that did exactly what this new law is trying to prevent: fleecing the elderly with false promises and hidden fees. As a beneficiary, apparently I'm eligible for the settlement if I can come up with tons of ridiculous, impossible to find information from >10 years ago from my great-aunt about her monthly expenses, income from all sources, medical expenses, etc. Yeah, right. I expect nothing from it, but I want to have my say.
My great-aunt sadly got completely screwed by a 'financial adviser' with no fiduciary responsibilities from her church, who constantly churned her retirement savings from one "great product" to another, chasing returns to get not only more fees from her but also great bonuses from the companies like the one in the lawsuit. We also know he falsified documents (we know because supposedly she signed some documents in NJ at a time when she was already sick with cancer, unable to drive herself, and absolutely did not go to NJ), and switched around stuff without her permission to make sure the church got the lion's share of her money when she passed. But we had no legal recourse, since it was our word against his. And when my mom tried to warn the church pastor about this man's unethical practices, the pastor got aggressively defensive and told my mom she was wrong, he was a wonderful man who had donated so much $ so selflessly and was an upstanding member of the church who was always ready to help others. Yeah, it's easy to donate other people's money.
People like that need to have way more legal oversight.