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Bill

SB 659

Consumer Protection - Electronic Funds Transfers - Regulations (Elder Fraud Prevention Act of 2025)

2025 Regular Session Introduced by Ben Brooks and 7 co-sponsors

Maryland bill establishes electronic transfer fraud protections targeting elder abuse through new financial institution regulations and consumer notification requirements.

Hearing 2/20 at 1:00 p.m.
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Bill Summary · SB 659

Legislative bill overview

SB 659 aims to strengthen consumer protections against electronic funds transfer fraud, with specific focus on preventing elder fraud. The bill introduces new regulations for financial institutions handling electronic transfers and establishes requirements for fraud detection and consumer notification procedures.

Why this is important

Elder fraud through electronic transfers costs seniors billions annually and is among the fastest-growing consumer crimes. Maryland's legislation would create enforceable standards to reduce vulnerability, potentially serving as a model for other states while protecting one of the most targeted populations in the financial system.

Potential points of contention

  • Compliance costs: Financial institutions may argue that new fraud prevention requirements increase operational expenses, which could be passed to consumers through higher fees
  • Liability framework: Unclear how liability is distributed between banks and consumers if fraud occurs despite compliance measures, potentially creating disputes over who bears financial losses
  • Implementation timeline: Banks may need significant system upgrades; aggressive timelines could be impractical for smaller financial institutions compared to larger competitors

Compiled from official sources — confirm details with the bill’s official record.

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