Debt Reform
Voting Today — Stop Zombie Mortgages!
Today, the House and Senate will be voting on a bill that will roll back decades of consumer protection law and make it easier for zombie mortgage purchasers to enter the state. Because the turnaround rate on this bill from hearing to voting session is so quick, we need your help NOW to keep this bill from passing. The bill, HB1516/SB1026, introduced by Governor Moore’s Office of Financial Regulation, would allow predatory debt buyers to avoid oversight, investigation, regulation, and enforcement. It protects predatory zombie debt buyers instead of hardworking Maryland families. An NPR report found that more than 700 ...
Stop Zombie Mortgages from Running Rampant! Urge Your Legislator to Vote NO on HB1516/SB1026
An NPR report found that more than 700 homeowners in Maryland are facing foreclosure on second mortgages that they believed were resolved or died years ago. Yet these zombie mortgages are rising now to feast on the rising equity in many Maryland homes. The vast majority of these foreclosures on second-mortgages are concentrated in Baltimore City and Prince George's County, which means Black and Brown homeowners are disproportionately affected by these foreclosures, just as they were hardest hit by predatory mortgage products. Yet, Governor Moore’s Office of Financial Regulation has introduced HB1516/SB1026, which will allow these predatory debt buyers to ...
Help Pass Key Medical Debt Bills in the Senate!
Maryland families are struggling with the high costs of basic needs including food, housing, utilities, and healthcare. We are already seeing many costs increase, putting more pressure on hard-working low-income households. We are working hard to protect patients over profits this legislative session. This morning, two of our priority bills to address medical debt passed out of the House, and we need your help!. HB1020 sponsored by Del. Julie Palacovich-Carr will ban hospitals and outpatient providers as well as some healthcare credit cards from reporting medical debt to credit reporting agencies. Patients shouldn’t see their credit scores plummet because they ...
Stop the Assault on Consumer Protections in MD, Urge Your Legislators to Vote NO on HB1417 and SB883!
With federal consumer protection efforts under assault, it’s more important now than ever for Maryland to pursue robust, far-reaching legislation to protect our residents. Instead, several bills were introduced this week that would roll back decades of strong consumer protections for Maryland families and open the door to droves of out-of-state predatory lenders. This week, the House Economic Matters Committee and Senate Judicial Proceedings Committee heard two troubling bills: HB1471 sponsored by Del. Marlon Amprey would carve out an exemption from Maryland's strong 36% rate cap for consumer loans for ‘peer-to-peer lending companies.” SoLoFund, a peer-to-peer lending company that would ...
Help Us Support the CFPB — Tell Your Member of Congress to Vote NO on High Overdraft Fees
On February 14, we shared that Economic Action along with the City of Baltimore sued to stop Russell Vought, Director of the U.S. Office of Management and Budget, from defunding the Consumer Financial Protection Bureau (CFPB). That temporary restraining order was for two weeks, ending on February 28. On February 28, Democracy Forward, the nonprofit who is suing on our behalf informed us that the judge extended the order barring the federal government from transferring away all of the CFPB’s funds. This means that the CFPB still has funding for another two weeks. While this is a short-term victory, it's ...
Keep Medical Debt Away From Credit Scores!
Medical debt is pushing too many Maryland families into financial distress. Families struggling to afford essential health care are being forced into high-cost medical credit cards, aggressive debt collection lawsuits, and unfair credit reporting practices—all of which trap patients in cycles of financial hardship. Thanks to your efforts, two of our priority bills (read more about HB268 and HB428) to improve these outcomes have passed out of committee and are on track to make it to the other chamber by crossover day. But the fight is not done, and there are still protections we need to secure at the state ...
End Medical Debt Liens on Homes, and Expand Low-Cost Care!
In the past five years, Economic Action has worked with legislators, coalition partners, and YOU to pass some of the strongest medical debt protections in the country. But there is much more work to be done. As we reach the halfway point of Maryland's legislative session, legislators are faced with competing priorities. With over 2,500 bills this year, it is more important than ever to use your voice and let your elected officials know that protecting patients from medical debt should be a priority. Please urge your legislators to pass HB268/SB981 and HB428/SB349! HB268/SB981 puts patients first by: Creating a ...
Take Two Actions to Put Maryland Patients First and Reduce Medical Debt
Background Medical debt remains an issue in Maryland and one that disproportionately affects Black patients. According to a 2023 poll that Economic Action commissioned, 14% of Marylanders have medical debt they can’t pay with the percentage rising to 23% for Black households. In the past five years, Economic Action has worked with legislators and coalition partners to pass some of the strongest medical debt protections in the country. But there is much more work to be done. The Problems and Solutions Hospital Debt Hospital medical debt remains an issue in Maryland. With rising costs of healthcare, high insurance deductibles, and ...
Comments to the CFPB on Earned Wage Access Products
In July 2024, the CFPB proposed an interpretive rule on the regulation of Earned Wage Access products. Economic Action Maryland Fund submitted a comment letter on behalf of several Maryland-based organizations urging the agency to finalize this interpretive rule. Click here to read the full letter
Comments to the HSCRC on Patient Refund Law
In 2022, Economic Action Maryland Fund championed a bill to return an estimated $120 million to low-income patients that were wrongly pursued for medical debt, when they should have received free or low-cost care. The Maryland Health Services Cost Review Commission (HSCRC) was tasked with creating an implementation process for hospitals to abide by as they identified eligible patients and notified them of the refund. Our letter outlines recommendations to improve the proposed implementation process. Click Here to View Letter