Financial Institutions - Consumer Credit - Sales-Based Financing Transactions
What this bill does
Prohibiting a person from engaging in the business of making or soliciting a sales-based financing transaction unless the person is licensed by the Commissioner of Financial Regulation; requiring an applicant for a license to have $20,000 in available liquid assets and to have demonstrated a sufficient level of responsibility to command public confidence and warrant faith in the honest operation of the business; requiring the Commissioner to investigate and ensure that each applicant meets certain qualifications; etc.
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 (12)
MGA witness list| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Moore, Tonaeyalobbyist | CASH CAMPAIGN OF MARYLAND | Oral + Written (PDF) |
| FAV | Caditz-Peck, Louis | LendingClub | Oral |
| FAV | Enten, Robert | Maryland Building Industry Assoc | Oral |
| FAV | locklair, caileylobbyist | Maryland Retailers Association | Oral |
| FAV | Senator Kramer, Senator Kramerlegislator | Individual | Oral |
| UNF | Fisher, Katherinelobbyist | Commercial Finance Coalition | Oral |
| UNF | Behlke, Max | Electronic Transactions Association | Written (PDF) |
| UNF | Siegfried, Patrick | Rapid Financial Services, LLC | Oral + Written (PDF) |
| UNF | Grimm, Chris | Individual | Oral + Written (PDF) |
| FWA | DiPietro, Chris | CDi Consulting Services, L.L.C. on behalf of Microsoft | Oral |
| FWA | Ford, Kimberly | Fiserv, Inc. | Oral |
| INFO | Sakamoto-Wengel, Steven M. | Consumer Protection Division | Written (PDF) |