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HB 152

Consumer Protection - Electronic Funds Transfers - Regulations (Elder Fraud Prevention Act of 2026)

2026 Regular Session Introduced by Vaughn Stewart

Maryland bill establishing electronic funds transfer safeguards to prevent fraud targeting seniors, requiring financial institutions to implement enhanced verification and protection measures.

Hearing 2/10 at 1:00 p.m.
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WeVote Research Nonpartisan
Bill Summary · HB 152

Legislative bill overview

HB 152, the Elder Fraud Prevention Act of 2026, establishes new regulations on electronic funds transfers in Maryland with a focus on protecting senior citizens from fraud. The bill likely requires financial institutions to implement additional safeguards, verification procedures, or notification systems for transactions involving vulnerable populations. It appears designed to address the growing problem of elder financial exploitation through digital payment systems.

Why is this important

Elder fraud costs victims billions annually, with seniors particularly vulnerable to scams involving wire transfers and electronic payments. Strengthening protections at the financial institution level can create barriers to fraudsters while maintaining legitimate access for account holders. This addresses a real public safety concern affecting Maryland's growing senior population.

Potential points of contention

  • Compliance costs: Banks and financial institutions may argue that new verification procedures increase operational expenses, potentially raising fees for all consumers
  • Balancing security with accessibility: Overly restrictive transaction limits or verification requirements could inconvenience legitimate elderly customers trying to access their own funds
  • Definitional scope: Uncertainty about what constitutes "elder" status and which transactions trigger protections could create implementation challenges and legal ambiguity

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

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