SB 527, sponsored by Sen. Middleton, closes a loophole in our state’s payday lending laws. This bill ensures that Maryland will remain a member of PaydayFreeLandia (aka the 16 states in the U.S. that have reasonable interest rate caps) and protects Maryland consumers from predatory payday lenders. Whenever payday lenders try to gain re-entrance into our state, we activate our networks to fight back and keep them from offering high-interest, debt trap loans to low-income Maryland consumers.
