EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*hb0332*
HOUSE BILL 332
I4, I3 5lr1066
CF 5lr2511
By: Delegates Stewart and Griffith
Introduced and read first time: January 10, 2025
Assigned to: Economic Matters
A BILL ENTITLED
AN ACT concerning 1
Consumer Protection – Electronic Funds Transfers – Regulations 2
(Elder Fraud Prevention Act of 2025) 3
FOR the purpose of requiring the Commissioner of Financial Regulation to adopt consumer 4
protection regulations for domestic electronic funds transfers that apply to certain 5
financial institutions and are consistent with a certain federal law on electronic 6
funds transfers; and generally relating to regulations for electronic funds transfers. 7
BY adding to 8
Article – Commercial Law 9
Section 4A–508 10
Annotated Code of Maryland 11
(2013 Replacement Volume and 2024 Supplement) 12
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 13
That the Laws of Maryland read as follows: 14
Article – Commercial Law 15
4A–508. 16
(A) THIS SECTION APPLIES TO ANY FINANCIAL INS TITUTION OPERATING I N 17
THE STATE. 18
(B) THE COMMISSIONER OF FINANCIAL REGULATION SHALL ADOP T 19
CONSUMER PROTECTION REGULATIONS FOR FINANCIAL INSTITUTION S THAT 20
INITIATE A DOMESTIC ELECTRONIC FUNDS TRANSFER UNDER THIS TITLE. 21
(C) THE COMMISSIONER SHALL PROVIDE CONSUM ERS WITH PROTECTIONS 22
THAT ARE CONSISTENT WITH THOSE AFFORDED TO CONSUMER S WHO INITIATE AN 23 2 HOUSE BILL 332
ELECTRONIC FUNDS TRANSFER AS DEFINED IN 15 U.S.C. § 1693(A)(7), 1
NOTWITHSTANDING ANY EXEMPTIONS STATED IN THAT PROVISION . 2
SECTION 2. AND BE IT FURTHER ENACTED, That if this Act is held to be 3
inapplicable to federally chartered financial institutions, or financial institutions operating 4
in the State that are chartered outside the State, for any reason in a court of competent 5
jurisdiction, this Act, with no further action required by the General Assembly, shall be 6
abrogated and of no further force and effect. 7
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect 8
October 1, 2025. 9