EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*sb0659*
SENATE BILL 659
I4, I3 5lr2511
CF HB 332
By: Senators Ready, Brooks, Carozza, Gile, Hester, Rosapepe, Salling, and West
Introduced and read first time: January 25, 2025
Assigned to: Finance
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 FINA NCIAL INSTITUTIONS T HAT 20
INITIATE A DOMESTIC ELECTRONIC FUNDS TRA NSFER UNDER THIS TIT LE. 21
(C) THE COMMISSIONER SHALL PR OVIDE CONSUMERS WITH PROTECTIONS 22
THAT ARE CONSISTENT WITH THOSE AFFORDED TO CONSUMERS WHO INI TIATE AN 23 2 SENATE BILL 659
ELECTRONIC FUNDS TRA NSFER AS DEFINED IN 15 U.S.C. § 1693(A)(7), 1
NOTWITHSTANDIN G ANY EXEMPTIONS STA TED IN THAT PROVISIO N. 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