An Act Establishing A Working Group To Study Consumer Fraud And Protections Against Such Fraud.
HB05315 establishes a temporary working group within the General Assembly’s banking committee to study consumer fraud and possible protections against it. The group is directed to examine fraud affecting consumers and to develop findings and recommendations for the legislature, with a report due no later than January 1, 2027. The bill is a study measure rather than a direct regulatory change, and it is effective upon passage.
The working group must include legislative leaders from the banking committee, state officials such as the Banking Commissioner and the Commissioner of Emergency Services and Public Protection, representatives from the Commission on Women, Children, Seniors, Equity and Opportunity, an elder law attorney, and representatives of financial institutions, credit unions, consumers, and senior citizens. The committee chairs are responsible for appointing several members, selecting the industry and consumer organizations that will make additional appointments, and convening the first meeting within 60 days. Administrative staff from the banking committee will support the group, and the group will dissolve after submitting its report or on January 1, 2027, whichever is later.
The bill does not amend existing consumer protection or banking statutes directly; instead, it creates a new temporary advisory body under the legislature’s banking committee. Its practical impact is to initiate a formal review of consumer fraud issues and to bring together regulators, industry representatives, and consumer advocates to identify gaps in current protections and recommend possible legislative or policy responses. Any substantive changes to state law would have to come later, based on the working group’s report.
The available voting history suggests broad support for the measure: the Joint Favorable Substitute passed the committee unanimously, 12-0. No committee transcript is provided, but the composition of the working group indicates an effort to balance perspectives from government, financial institutions, credit unions, consumer advocates, and senior-focused organizations. Overall, the bill appears to have been viewed as a low-conflict, informational step toward addressing consumer fraud.
There is little visible contention in the available record, likely because the bill only creates a study group and does not impose new obligations or penalties. If any concerns exist, they would most likely center on the balance of representation within the working group—particularly the inclusion of financial institutions and credit unions alongside consumer and senior advocates—or on whether a study is sufficient in light of ongoing fraud concerns. However, no explicit opposition is reflected in the vote or provided discussion materials.