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

HB 332 requires Maryland's Commissioner of Financial Regulation to create consumer protection regulations for domestic electronic funds transfers initiated by financial institutions operating in the state. The regulations must align with federal protections under 15 U.S.C. § 1693(A)(7) for consumers initiating electronic transfers. This bill directly affects all financial institutions operating within Maryland that process such transfers, mandating they comply with these new state regulations. The law takes effect October 1, 2025, and automatically ends if courts determine it doesn't apply to federally chartered institutions.