“The Financial Exploitation Act will equip the Montgomery County Office of Consumer Protection with tools to deter and redress fraud and deceptive practices that target older residents and those who are vulnerable,” said Councilmember Stewart. “Financial scams are on the rise, and older residents are afraid to pick up a call or open an email to avoid being a victim. This act strengthens the safeguards and authority of the Office of Consumer Protection to go after bad actors, protect residents and prevent them from losing everything.”

“Every consumer in Montgomery County deserves to feel secure in making financial decisions, free from deception, intimidation, or pressure,” said Office of Consumer Protection Director Eric Friedman. “This legislation enhances our ongoing commitment to protecting consumers by implementing essential measures to safeguard vulnerable adults.” 

The Financial Exploitation Protection Act (Expedited Bill 16-26, Consumer Protection - Amendments) prohibits the use of deception, intimidation or undue influence to obtain money, property or services from a vulnerable adult or individual who is at least 68 years old. The expedited bill would define the term ‘vulnerable adult’ to mean an adult who lacks the physical or mental capacity to provide for the adult’s daily needs. 

“By empowering the Office of Consumer Protection to pursue these cases, the Financial Exploitation Protection Act will create a new pathway to protect people with intellectual and developmental disabilities,” said Karen Lee, CEO of SEEC, a community provider for adults with intellectual and developmental disabilities. “We believe that people with disabilities have the right to live lives of their choosing in their community, directing their decisions with independence and authority. We also recognize that those with I/DD are more likely to fall victim to financial abuse. We believe this bill will help protect the dignity and safety of people we support.”

In addition to their investigative authority, the bill permits the Office of Consumer Protection to operate a voluntary mediation program to resolve consumer protection disputes.

The Financial Exploitation Protection Act aims to align Montgomery County’s consumer protection laws with Maryland Criminal Law §8-801 and Maryland Comm. Law § 13-204(a)(15), ensuring consistency with state law. All Councilmembers have signed on as cosponsors. 

More information can be found in the staff report.