| 1 | 1 | | |
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| 2 | 2 | | |
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| 3 | 3 | | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. |
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| 4 | 4 | | [Brackets] indicate matter deleted from existing law. |
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| 5 | 5 | | *sb0659* |
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| 6 | 6 | | |
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| 7 | 7 | | SENATE BILL 659 |
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| 8 | 8 | | I4, I3 5lr2511 |
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| 9 | 9 | | CF HB 332 |
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| 10 | 10 | | By: Senators Ready, Brooks, Carozza, Gile, Hester, Rosapepe, Salling, and West |
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| 11 | 11 | | Introduced and read first time: January 25, 2025 |
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| 12 | 12 | | Assigned to: Finance |
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| 13 | 13 | | |
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| 14 | 14 | | A BILL ENTITLED |
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| 15 | 15 | | |
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| 16 | 16 | | AN ACT concerning 1 |
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| 17 | 17 | | |
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| 18 | 18 | | Consumer Protection – Electronic Funds Transfers – Regulations 2 |
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| 19 | 19 | | (Elder Fraud Prevention Act of 2025) 3 |
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| 20 | 20 | | |
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| 21 | 21 | | FOR the purpose of requiring the Commissioner of Financial Regulation to adopt consumer 4 |
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| 22 | 22 | | protection regulations for domestic electronic funds transfers that apply to certain 5 |
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| 23 | 23 | | financial institutions and are consistent with a certain federal law on electronic 6 |
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| 24 | 24 | | funds transfers; and generally relating to regulations for electronic funds transfers. 7 |
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| 25 | 25 | | |
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| 26 | 26 | | BY adding to 8 |
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| 27 | 27 | | Article – Commercial Law 9 |
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| 28 | 28 | | Section 4A–508 10 |
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| 29 | 29 | | Annotated Code of Maryland 11 |
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| 30 | 30 | | (2013 Replacement Volume and 2024 Supplement) 12 |
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| 31 | 31 | | |
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| 32 | 32 | | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 13 |
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| 33 | 33 | | That the Laws of Maryland read as follows: 14 |
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| 34 | 34 | | |
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| 35 | 35 | | Article – Commercial Law 15 |
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| 36 | 36 | | |
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| 37 | 37 | | 4A–508. 16 |
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| 38 | 38 | | |
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| 39 | 39 | | (A) THIS SECTION APPLIES TO ANY FINANCIAL INS TITUTION OPERATING I N 17 |
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| 40 | 40 | | THE STATE. 18 |
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| 41 | 41 | | |
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| 42 | 42 | | (B) THE COMMISSIONER OF FINANCIAL REGULATION SHALL ADOP T 19 |
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| 43 | 43 | | CONSUMER PROTECTION REGULATIONS FOR FINA NCIAL INSTITUTIONS T HAT 20 |
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| 44 | 44 | | INITIATE A DOMESTIC ELECTRONIC FUNDS TRA NSFER UNDER THIS TIT LE. 21 |
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| 45 | 45 | | |
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| 46 | 46 | | (C) THE COMMISSIONER SHALL PR OVIDE CONSUMERS WITH PROTECTIONS 22 |
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| 47 | 47 | | THAT ARE CONSISTENT WITH THOSE AFFORDED TO CONSUMERS WHO INI TIATE AN 23 2 SENATE BILL 659 |
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| 48 | 48 | | |
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| 49 | 49 | | |
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| 50 | 50 | | ELECTRONIC FUNDS TRA NSFER AS DEFINED IN 15 U.S.C. § 1693(A)(7), 1 |
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| 51 | 51 | | NOTWITHSTANDIN G ANY EXEMPTIONS STA TED IN THAT PROVISIO N. 2 |
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| 52 | 52 | | |
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| 53 | 53 | | SECTION 2. AND BE IT FURTHER ENACTED, That if this Act is held to be 3 |
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| 54 | 54 | | inapplicable to federally chartered financial institutions, or financial institutions operating 4 |
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| 55 | 55 | | in the State that are chartered outside the State, for any reason in a court of competent 5 |
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| 56 | 56 | | jurisdiction, this Act, with no further action required by the General Assembly, shall be 6 |
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| 57 | 57 | | abrogated and of no further force and effect. 7 |
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| 58 | 58 | | |
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| 59 | 59 | | SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect 8 |
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| 60 | 60 | | October 1, 2025. 9 |
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| 61 | 61 | | |
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