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Committee debates domestic-wire protections to shield seniors from fraud; bill held for further work
Summary
The Economic Matters Committee extensively debated a bill to apply Electronic Funds Transfer Act-like protections to certain domestic bank-to-bank wire transfers, with members split over legal exposure to banks, competitive impacts on community banks and remedy mechanisms; the bill was held for further clarification.
House Bill 332 (as numbered in committee packet), a proposal to apply consumer protections comparable to the federal Electronic Funds Transfer Act (EFTA) to certain domestic wire transfers, drew extended debate in the Economic Matters Committee and was held for further work after members raised questions about scope, remedies and interstate litigation.
The bill’s amended language would subject consumer wire transfers that are ancillary to bank-to-bank transfers to protections similar to those in the EFTA. Sponsors said the intent is to give Maryland consumers — particularly seniors and other vulnerable people — the same protections now afforded for international wires…
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