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

SB 659 requires Maryland's Commissioner of Financial Regulation to create consumer protection rules for electronic money transfers initiated by banks and credit unions operating in the state. These regulations must align with federal standards for electronic funds transfers under 15 U.S.C. § 1693(a)(7). The law applies to all financial institutions conducting domestic electronic transfers in Maryland and takes effect October 1, 2025. It focuses on standardizing protections without specifying additional elder-focused measures beyond the federal baseline.