On March 15, 2025, Maryland's House Bill 332, also known as the Elder Fraud Prevention Act of 2025, was introduced to the General Assembly. The bill aims to enhance consumer protection regulations concerning electronic funds transfers, particularly targeting the vulnerabilities faced by elderly citizens in financial transactions.

The primary purpose of House Bill 332 is to mandate the Commissioner of Financial Regulation to establish regulations that govern domestic electronic funds transfers. These regulations will apply to various financial institutions operating within the state and will align with existing federal laws on electronic funds transfers. The bill seeks to address the growing concern of elder fraud, which has become increasingly prevalent as more financial transactions move online.

Key provisions of the bill include the requirement for financial institutions to implement protective measures that safeguard against fraudulent electronic transactions. This initiative is particularly significant given the rising number of scams targeting older adults, who may be less familiar with digital banking practices.

During the legislative process, House Bill 332 received a favorable report with amendments from the Economic Matters Committee, indicating bipartisan support for its objectives. However, discussions surrounding the bill have also highlighted concerns regarding the potential burden on financial institutions to comply with new regulations. Some stakeholders have expressed apprehension about the costs associated with implementing these protective measures, while advocates argue that the benefits of preventing elder fraud far outweigh these concerns.

The implications of this bill extend beyond consumer protection; it also reflects a broader societal commitment to safeguarding vulnerable populations. Experts suggest that if enacted, House Bill 332 could serve as a model for other states looking to enhance protections against financial exploitation of the elderly.

As the bill progresses through the legislative process, its future will depend on continued support from lawmakers and the financial community. The next steps will involve further discussions and potential votes in the coming weeks, as Maryland seeks to bolster its consumer protection framework in the digital age.