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MarylandHB 10082026 Regular SessionHouse

Fiduciary Institutions - Exploitation of Seniors and Vulnerable Adults - Protections and Required Referral (Vulnerable Adult Banking Protection Act)

Sponsored By: Pam Queen (Democratic)

Signed by Governor

Financial InstitutionsElderlyBeneficiariesConsumer ProtectionCourts -see also- AppCt; Circuit; District; Orphans'; etc.DisclosureElderly Persons (65+) -see also- Elder Abuse and NeglectEthicsFiduciariesFraud -see also- ForgeryJurisdictionLaw Enforcement -see also- SRO; Sheriffs; State PoliceLiabilityNoticesPrivacyRecords -see also- Land Records; Vital RecordsSafety -see also- Occupational SafetySocial Services -see also- Public BenefitsState's AttorneysTimeVulnerable Adults -see also- DevDisab; EldPers; PhysDisab

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Who is protected from financial exploitation

Beginning October 1, 2026, the law protects Maryland residents age 65 or older or vulnerable adults. A vulnerable adult is someone who cannot meet daily needs because of physical or mental limits. The law defines financial exploitation. It includes wrongful or unauthorized taking or misuse of money or property, including misuse of a power of attorney. These definitions decide when banks can pause payouts and alert authorities.

Banks can pause suspicious payouts for seniors and vulnerable adults

Beginning October 1, 2026, covered banks and credit unions can pause or refuse a suspicious payout. Covered institutions include national and state banks, out-of-state banks with Maryland branches, credit unions, and savings and loans. They may act when they reasonably believe the payout may exploit a Maryland senior or vulnerable adult. Within 4 business days, they must send written notice to all authorized parties, except any suspected exploiter. Within 4 business days, they must also notify Adult Protective Services, police, or the State's Attorney. They must give status updates to those agencies on request. They may contact a trusted contact, unless they suspect that person. They must share relevant account records with those agencies. A hold ends if the bank finds no risk or after 15 business days by default. APS, police, or the State's Attorney can request a delay of up to 25 business days. Courts can extend or end a hold. If no agency requests, the bank may extend the delay for up to 25 business days after the disbursement request. Banks that act in good faith and with reasonable care have legal immunity for these steps.

Sponsors & Cosponsors

Sponsor

  • Pam Queen

    Democratic • House

Cosponsors

  • Ryan Spiegel

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 179 • No: 0

Senate vote • 4/6/2026

Third Reading Passed

Yes: 46 • No: 0

House vote • 3/18/2026

Third Reading Passed

Yes: 133 • No: 0 • Other: 3

Actions Timeline

  1. Approved by the Governor - Chapter 510

    5/12/2026

  2. Returned Passed

    4/7/2026House

  3. Third Reading Passed (46-0)

    4/6/2026Senate

  4. Favorable Adopted Second Reading Passed

    3/31/2026Senate

  5. Favorable Report by Finance

    3/30/2026Senate

  6. Referred Finance

    3/19/2026Senate

  7. Third Reading Passed (133-0)

    3/18/2026House

  8. Favorable Adopted Second Reading Passed

    3/17/2026House

  9. Favorable Report by Economic Matters

    3/16/2026House

  10. Hearing 3/10 at 1:00 p.m.

    2/18/2026House

  11. Reassigned to Economic Matters

    2/11/2026House

  12. First Reading Judiciary

    2/6/2026House

Bill Text

  • Enacted

    5/12/2026

    PDF

  • Third Reading

    3/17/2026

    PDF

  • First Reading

    2/6/2026

    PDF

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