2017 Legislative Watch
- HB 1270 / SB 527
An out-of-state payday lender has recently begun making loans to Maryland consumers with effective interest rates well in excess of Maryland’s 33% usury cap. The payday lender is styling its Maryland product as an open-end line of credit with a 24% APR, but loads it with fees that put the effective rate in the 300% range, depending on the terms of the individual loans. Servicemembers, seniors, and others in Maryland have already been harmed by the payday lenders’ exploitation of our laws. Maryland lawmakers can nip this problem in the bud with a simple technical fix, by making the 33% interest rate cap inclusive of fees for lines of credit.
Read our fact sheet about the issue by clicking here.
Read our one-pager about the bill by clicking here.
Read about how other states approach this issue by clicking here.
Read about why a 33% usury rate cap is enough by clicking here.
- Opposing SB 167
If passed, this bill would allow tax sale attorneys who foreclose on low-income homeowners with tax liens to charge these struggling homeowners $500 without proving that they have done $500 worth of work.Read our one-pager about the issue by clicking here.