EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.
Strike out indicates matter stricken from the bill by amendment or deleted from the law by
amendment.
*hb0332*
HOUSE BILL 332
I4, I3 5lr1066
CF SB 659
By: Delegates Stewart and Griffith
Introduced and read first time: January 10, 2025
Assigned to: Economic Matters
Committee Report: Favorable with amendments
House action: Adopted
Read second time: March 6, 2025
CHAPTER ______
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 providing that certain electronic fund transfers are subject to the 7
provisions of a certain federal law; and generally relating to regulations for electronic 8
funds transfers. 9
BY adding to 10
Article – Commercial Law 11
Section 4A–508 12
Annotated Code of Maryland 13
(2013 Replacement Volume and 2024 Supplement) 14
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 15
That the Laws of Maryland read as follows: 16
Article – Commercial Law 17
4A–508. 18
(A) THIS SECTION APPLIES TO ANY FINANCIAL INSTITUTIO N OPERATING IN 19
THE STATE. 20 2 HOUSE BILL 332
(B) THE COMMISSIONER OF FINANCIAL REGULATION SHALL ADOP T 1
CONSUMER PROTECTION REGULATIONS FOR FINA NCIAL INSTITUTIONS T HAT 2
INITIATE A DOMESTIC ELECTRONIC FUNDS TRA NSFER UNDER THIS TIT LE. 3
(C) THE COMMISSIONER SHALL PROVIDE CONSUM ERS WITH PROTECTIONS 4
THAT ARE CONSISTENT WITH THOSE AFFORDED TO CONSUMERS WHO INI TIATE AN 5
ELECTRONIC FUNDS TRA NSFER AS DEFINED IN 15 U.S.C. § 1693(A)(7), 6
NOTWITHSTANDING ANY EXEMPTIONS STATED IN THAT PROVISION . 7
(B) CONSUMER WIRE TRANSFERS INVOLVING ELECTRONIC FUND 8
TRANSFERS MADE ANCIL LARY TO BANK–TO–BANK TRANSFERS VIA A WIRE SERVICE 9
SHALL BE SUBJECT TO THE PROVISIONS OF TH E FEDERAL ELECTRONIC FUNDS 10
TRANSFER ACT OF 1978 (U.S.C. 1693 ET SEQ.). 11
SECTION 2. AND BE IT FURTHER ENACTED , That if this Act is held to be 12
inapplicable to federally chartered financial institutions, or financial institutions operating 13
in the State that are chartered outside the State, for any reason in a court of competent 14
jurisdiction, this Act, with no further action required by the General Assembly, shall be 15
abrogated and of no further force and effect. 16
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect 17
October 1, 2025. 18
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
Speaker of the House of Delegates.
________________________________________________________________________________
President of the Senate.