MarylandSB 07532026 Regular SessionSenate

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

Sponsored By: Benjamin F. Kramer (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

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

Alerts and records sharing to stop exploitation

Beginning October 1, 2026, banks must give Adult Protective Services, police, or the State’s Attorney relevant account records for suspected exploitation. This can include past and recent transactions, and these records are not public. If a bank reasonably suspects exploitation, it may notify the eligible adult’s trusted contact, unless it suspects that person is involved. The bank may limit the message to saying it suspects exploitation. A trusted contact can be family, someone allowed to use the account, a legal manager, or a person the eligible adult names.

Who qualifies and which banks must act

Beginning October 1, 2026, the law sets who is protected and which banks are covered. You are an eligible adult if you live in Maryland and are 65 or older, or you are a vulnerable adult. A vulnerable adult is an adult who lacks the physical or mental ability to meet daily needs. Financial exploitation includes taking or using an eligible adult’s money or property by deception, pressure, or misuse of legal powers. Covered banks include national and state banks, Maryland branches of out-of-state banks, credit unions, and savings and loans, but not entities licensed under Title 11.

Banks can pause suspicious withdrawals

Beginning October 1, 2026, banks and credit unions can delay or deny a payment when they reasonably think it may be financial exploitation. Within 4 business days, they must send written notice to all authorized parties, except anyone they reasonably suspect is the exploiter, and notify Adult Protective Services, police, or the State’s Attorney. Banks must give status updates to those agencies on request. A delay ends when the bank decides the payment is safe or after 15 business days unless extended. Agencies can request up to 25 more business days, a court can end or extend the delay, and if no agency asks, the bank may extend up to 25 business days. Banks and their employees are immune from civil or administrative liability for these notices and delays if they act in good faith and use reasonable care.

Sponsors & Cosponsors

Sponsor

Benjamin F. Kramer
Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 174 • No: 0

House vote • 4/13/2026

Third Reading Passed

Yes: 136 • No: 0 • Other: 4

Senate vote • 3/20/2026