bad bills

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 ...