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Unscrupulous agents beware!  The new tougher annuity laws started with the new year.  The new law makes it a felony to submit fraudulent signatures, prohibits agents from using fake designations that imply financial expertise and strengthens requirements agents must meet when selling annuities to consumers.  Agents are required to take a minimum of of three hours of continuing education on the suitability of annuity and Life insurance transactions.  There is also a fine up to $30,000 for each “willful violation of twisting, churning and submission of fraudulent signatures.”

This legislation is in response to the many scams committed against the elderly in Florida.  Just last Sunday it was reported that a local agent was guilty of such fraudulent practices.  Full Article.