Association Raises Concerns Over Maryland’s Elder Fraud Prevention Act

While the MD|DC Credit Union Association fully supports stronger protections for older adults against financial exploitation, it is opposing HB 152, the Elder Fraud Prevention Act of 2026. In its written testimony, the Association explains that the bill would apply the federal Electronic Fund Transfer Act (EFTA) to certain wire transfers rather than relying on Article 4A of the Uniform Commercial Code, which traditionally governs these transactions. The Association notes that a pending federal appeals court case will determine whether the EFTA should apply in situations involving wire-transfer fraud. Until that legal question is resolved, the Association cautions that advancing the bill could create conflicting standards in Maryland and potentially lead to higher costs and reduced access to wire-transfer services.