Maryland 2025 Regular Session

Maryland House Bill HB332 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3	3		EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4		[Brackets] indicate matter deleted from existing law.
5		-	Underlining indicates amendments to bill.
6		-	Strike out indicates matter stricken from the bill by amendment or deleted from the law by
7		-	amendment.
8	5		hb0332
9	6
10	7		HOUSE BILL 332
11	8		I4, I3 5lr1066
12		-	CF ~~SB 659~~
	9	+	CF 5lr2511
13	10		By: Delegates Stewart and Griffith
14	11		Introduced and read first time: January 10, 2025
15	12		Assigned to: Economic Matters
16		-	Committee Report: Favorable with amendments
17		-	House action: Adopted
18		-	Read second time: March 6, 2025
19	13
20		-	~~CHAPTER ______~~
	14	+	A BILL ENTITLED
21	15
22	16		AN ACT concerning 1
23	17
24	18		Consumer Protection – Electronic Funds Transfers – Regulations 2
25	19		(Elder Fraud Prevention Act of 2025) 3
26	20
27	21		FOR the purpose of requiring the Commissioner of Financial Regulation to adopt consumer 4
28	22		protection regulations for domestic electronic funds transfers that apply to certain 5
29	23		financial institutions and are consistent with a certain federal law on electronic 6
30		-	funds transfers providing that certain electronic fund transfers are subject to the 7
31		-	provisions of a certain federal law; and generally relating to regulations for electronic 8
32		-	funds transfers. 9
	24	+	funds transfers; and generally relating to regulations for electronic funds transfers. 7
33	25
34		-	BY adding to 10
35		-	Article – Commercial Law 11
36		-	Section 4A–508 12
37		-	Annotated Code of Maryland 13
38		-	(2013 Replacement Volume and 2024 Supplement) 14
	26	+	BY adding to 8
	27	+	Article – Commercial Law 9
	28	+	Section 4A–508 10
	29	+	Annotated Code of Maryland 11
	30	+	(2013 Replacement Volume and 2024 Supplement) 12
39	31
40		-	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 15
41		-	That the Laws of Maryland read as follows: 16
	32	+	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 13
	33	+	That the Laws of Maryland read as follows: 14
42	34
43		-	Article – Commercial Law 17
	35	+	Article – Commercial Law 15
44	36
45		-	4A–508. 18
	37	+	4A–508. 16
46	38
47		-	(A) THIS SECTION APPLIES TO ANY FINANCIAL INSTITUTIO N OPERATING IN 19
48		-	THE STATE. 20 2 HOUSE BILL 332
	39	+	(A) THIS SECTION APPLIES TO ANY FINANCIAL INS TITUTION OPERATING I N 17
	40	+	THE STATE. 18
	41	+
	42	+	(B) THE COMMISSIONER OF FINANCIAL REGULATION SHALL ADOP T 19
	43	+	CONSUMER PROTECTION REGULATIONS FOR FINANCIAL INSTITUTION S THAT 20
	44	+	INITIATE A DOMESTIC ELECTRONIC FUNDS TRANSFER UNDER THIS TITLE. 21
	45	+
	46	+	(C) THE COMMISSIONER SHALL PROVIDE CONSUM ERS WITH PROTECTIONS 22
	47	+	THAT ARE CONSISTENT WITH THOSE AFFORDED TO CONSUMER S WHO INITIATE AN 23 2 HOUSE BILL 332
49	48
50	49
	50	+	ELECTRONIC FUNDS TRANSFER AS DEFINED IN 15 U.S.C. § 1693(A)(7), 1
	51	+	NOTWITHSTANDING ANY EXEMPTIONS STATED IN THAT PROVISION . 2
51	52
52		-	(B) THE COMMISSIONER OF FINANCIAL REGULATION SHALL ADOP T 1
53		-	CONSUMER PROTECTION REGULATIONS FOR FINA NCIAL INSTITUTIONS T HAT 2
54		-	INITIATE A DOMESTIC ELECTRONIC FUNDS TRA NSFER UNDER THIS TIT LE. 3
	53	+	SECTION 2. AND BE IT FURTHER ENACTED, That if this Act is held to be 3
	54	+	inapplicable to federally chartered financial institutions, or financial institutions operating 4
	55	+	in the State that are chartered outside the State, for any reason in a court of competent 5
	56	+	jurisdiction, this Act, with no further action required by the General Assembly, shall be 6
	57	+	abrogated and of no further force and effect. 7
55	58
56		-	(C) THE COMMISSIONER SHALL PROVIDE CONSUM ERS WITH PROTECTIONS 4
57		-	THAT ARE CONSISTENT WITH THOSE AFFORDED TO CONSUMERS WHO INI TIATE AN 5
58		-	ELECTRONIC FUNDS TRA NSFER AS DEFINED IN 15 U.S.C. § 1693(A)(7), 6
59		-	NOTWITHSTANDING ANY EXEMPTIONS STATED IN THAT PROVISION . 7
60		-
61		-	(B) CONSUMER WIRE TRANSFERS INVOLVING ELECTRONIC FUND 8
62		-	TRANSFERS MADE ANCIL LARY TO BANK–TO–BANK TRANSFERS VIA A WIRE SERVICE 9
63		-	SHALL BE SUBJECT TO THE PROVISIONS OF TH E FEDERAL ELECTRONIC FUNDS 10
64		-	TRANSFER ACT OF 1978 (U.S.C. 1693 ET SEQ.). 11
65		-
66		-	SECTION 2. AND BE IT FURTHER ENACTED , That if this Act is held to be 12
67		-	inapplicable to federally chartered financial institutions, or financial institutions operating 13
68		-	in the State that are chartered outside the State, for any reason in a court of competent 14
69		-	jurisdiction, this Act, with no further action required by the General Assembly, shall be 15
70		-	abrogated and of no further force and effect. 16
71		-
72		-	SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect 17
73		-	October 1, 2025. 18
74		-
75		-
76		-
77		-
78		-	Approved:
79		-	________________________________________________________________________________
80		-	Governor.
81		-	________________________________________________________________________________
82		-	Speaker of the House of Delegates.
83		-	________________________________________________________________________________
84		-	President of the Senate.
	59	+	SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect 8
	60	+	October 1, 2025. 9