Consumer Protection

Suggested State Legislation: Pharmacy Benefits Managers (PBMs) are businesses that administer and manage prescription drug benefit plans either through health insurance products or separately. Approximately 95 percent of all patients with prescription drug coverage receive benefits through a PBM. In recent years, concerns have been raised by consumer organizations and states regarding the business practices of PBMs.

Suggested State Legislation: This Act creates a mortgage fraud statute with criminal penalties and authorizes the state Attorney General to take action to enforce the statute. The bill also authorizes a private right of action for violations of the statute in specified circumstances. Sections about seizing and disposing property involved with mortgage fraud can be found in the Maryland law but are excluded from this SSL draft.

Suggested State Legislation: This Act allows the state to participate in the National Mortgage Licensing System that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators are implementing under a Uniform Mortgage Licensing Project.

Suggested State Legislation: This Act establishes requirements to notify consumers about motor vehicle manufacturer warranty adjustment programs.

Suggested State Legislation: This Act requires prohibits reselling tickets within a certain distance from the event ticket and requires ticket resellers to provide refunds when events are cancelled.

Sugggested State Legislation:This Act directs that in recommending to a consumer the purchase of an annuity or the exchange of an annuity that results in another insurance transaction or series of insurance transactions, the insurance producer, or the insurer when no producer is involved, must have reasonable grounds for believing that the recommendation is suitable for the consumer on the basis of the facts disclosed by the consumer as to the consumer’s investments and other insurance products and as to the consumer’s financial situation and needs.