HOUSE BILL 471
I1 1lr1690
CF SB 185
By: Delegate C. Watson
Introduced and read first time: January 15, 2021
Assigned to: Economic Matters
A BILL ENTITLED
1 AN ACT concerning
2 Financial Institutions – Security Questions and Measures
3 FOR the purpose of requiring a financial institution that requires a customer to provide an
4 answer to a security question for a certain purpose to allow a customer to choose
5 from at least a certain number of security questions options for each required
6 security question; providing for the application of this Act; and generally relating to
7 securing the information of customers of financial institutions.
8 BY adding to
9 Article – Financial Institutions
10 Section 1–212
11 Annotated Code of Maryland
12 (2020 Replacement Volume and 2020 Supplement)
13 SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
14 That the Laws of Maryland read as follows:
15 Article – Financial Institutions
16 1–212.
17 IF A FINANCIAL INSTITUTION REQUIRES A CUSTOMER TO PROVIDE AN ANSWER
18 TO A SECURITY QUESTION IN CONNECTION WITH THE PROVISION OF AN ACCOUNT,
19 THE FINANCIAL INSTITUTION SHALL ALLOW THE CUSTOMER TO CHOOSE FROM AT
20 LEAST TWO SECURITY QUESTIONS OPTIONS FOR EACH REQUIRED SECURITY
21 QUESTION.
22 SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall be construed to
23 apply only prospectively and may not be applied or interpreted to have any effect on or
24 application to any customer accounts created before the effective date of this Act.
EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
*hb0471*
2 HOUSE BILL 471
1 SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
2 October 1, 2021.