Commercial Law - Merchant Cash Advance - Prohibition
Sponsor: Benjamin F. Kramer (District 19)Committee: FinanceSubject: Corporations and AssociationsStatus: Hearing 3/03 at 1:00 p.m. (as of Nov 6, 2020)
What this bill does
Official synopsis
Prohibiting a buyer from arranging, facilitating, or consummating a merchant cash advance transaction with a seller in the State; providing that a violation of the Act is an unfair, abusive, or deceptive trade practice subject to certain enforcement and penalties; and applying the Act prospectively.
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Analysis reads the bill text, the fiscal note, and the witness list. It is generated by Claude and reviewed by nobody, so check the source documents before you rely on it.
Testimony (16)
MGA witness listFAV 6FavorableUNF 9UnfavorableINFO 1Information only
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Towles, Claudia | Amuse Toys | Position only |
| FAV | Enten, Bob | MD Bankers Association | Position only |
| FAV | Murphy, Kathleen | MD Bankers Association | Position only |
| FAV | McKinney, Robinlobbyist | MD Cash Campaign | Position only |
| FAV | Locklair, Caileylobbyist | MD Retailers Association | Oral + Written (PDF) |
| FAV | Senator Kramer, Senator Kramerlegislator | Individual | Position only |
| UNF | Patchen, Jeff | Electronic Transactions Association | Position only |
| UNF | Fisher, Katherinelobbyist | Hudson Cook | Oral + Written (PDF) |
| UNF | Grimm, Chris | Innovation Lending Platform Association | Oral |
| UNF | McDonough, Caitlinlobbyist | Rapid Finance | Position only |
| UNF | Siegfried, Patrick | Rapid Finance | Position only |
| UNF | Yost, Fielding | Saturn Corp | Written (PDF) |
| UNF | Stewart, Deborah | Shadenjaun Services | Written (PDF) |
| UNF | Carlson, Jesse | Small Business Finance Association | Position only |
| UNF | Boston, Frank | Individual | Position only |
| INFO | Sakamoto-Wengel, Steve | Consumer Protection Division | Written (PDF) |
Organizations on record
Amuse ToysFAV 1
Hudson CookUNF 1
MD Cash CampaignFAV 1
Rapid FinanceUNF 2
Saturn CorpUNF 1
Shadenjaun ServicesUNF 1
Registered lobbyists who testified
FAVLocklair, CaileyMD Retailers AssociationRegistered for: HPSO Investments LLC, T/A Riverboat on the Potomac; Maryland Retailers Alliance; Maryland Retailers Association
UNFMcDonough, CaitlinRapid FinanceRegistered for: AbbVie Inc.; Aligned Data Centers; American Academy of Anesthesiology Assistants, Inc.; Associated Builders & Contractors; Association of Independent Midwives of Maryland (AIMM); Baltimore Gas and Electric Company…