SB 496

Did not advance

Commercial Financing Transactions

Sponsor: Benjamin F. Kramer (District 19)Committee: FinanceSubject: Financial InstitutionsStatus: Unfavorable Report by Economic Matters (as of Nov 9, 2023)

What this bill does

Official synopsis

Requiring that certain revenue, fees, and examination and investigation fees and assessments relating to commercial financing transactions be credited to the Nondepository Special Fund; and regulating commercial financing transactions, including by establishing requirements related to disclosures, calculations of annual percentage rates, terms of repayments, and other related items, and the extension of special offers.

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Testimony (34)

MGA witness list

FAV 19FavorableFWA 1Favorable with amendmentsUNF 13UnfavorableINFO 1Information only

Position	Witness	Organization	Testimony
FAV	Miller, Joshua	Accion Opportunity Fund	Oral + Written (PDF)
FAV	Miller, Joshua	Accion Opportunity Fund	Oral + Written (PDF)
FAV	DiPietro, Chris	CDi Consulting Services, L.L.C.	Position only
FAV	Robinson, John	JRobinson Live, Inc (PLAYlive Nation located in Annapolis Mall)	Oral
FAV	Caditz-Peck, Louis	LendingClub	Written (PDF)
FAV	Jabin, Drew	Maryland Bankers Association	Written (PDF)
FAV	Jabin, Drew	Maryland Bankers Association	Written (PDF)
FAV	Towles, Claudia	Maryland Retailers Association	Oral
FAV	locklair, caileylobbyist	Maryland Retailers Association	Oral + Written (PDF)
FAV	locklair, caileylobbyist	Maryland Retailers Association	Oral
FAV	Enten, Robert	Md Bankers Assoc	Oral
FAV	Enten, Robert	Md Bankers Assoc	Oral
FAV	Childs, Mary	Responsible Business Lending Coalition	Written (PDF)
FAV	Childs, Mary	Responsible Business Lending Coalition	Written (PDF)
FAV	Sarkash, Awesta	Small Business Majority	Oral + Written (PDF)
FAV	Sarkash, Awesta	Small Business Majority	Oral + Written (PDF)
FAV	Caditz-Peck, Louis	Individual	Oral + Written (PDF)
FAV	Senator Kramer, Senator Kramerlegislator	Individual	Oral
FAV	Senator Kramer, Senator Kramerlegislator	Individual	Oral
UNF	Fisher, Katherinelobbyist	Commercial Finance Coalition	Oral
UNF	Fisher, Katherinelobbyist	Commercial Finance Coalition	Oral + Written (PDF)
UNF	Yates, Brian	Electronic Transactions Association	Written (PDF)
UNF	McDonough, Caitlinlobbyist	HJM	Oral
UNF	McDonough, Caitlinlobbyist	HJM	Oral
UNF	Pitcher, Bill	Husch Blackwell Strategies	Position only
UNF	Siegfried, Patrick	Rapid Financial Services, LLC	Oral + Written (PDF)
UNF	Siegfried, Patrick	Rapid Financial Services, LLC	Oral + Written (PDF)
UNF	Gumbrecht, Rich	Secured FInance Network	Oral
UNF	Helfat, Jon	Secured FInance Network	Oral
UNF	Boston, Frank	Individual	Oral
UNF	Boston, Frank	Individual	Oral
UNF	Saab, Sidlobbyist	Individual	Oral
FWA	DiPietro, Chris	CDi Consulting Services, L.L.C.	Oral
INFO	Hennen, Amy	Office of the Commissioner of Financial Regulation, Department of Labor	Oral

Organizations on record

Accion Opportunity FundFAV 2

CDi Consulting Services, L.L.C.FAV 1FWA 1

Commercial Finance CoalitionUNF 2

Electronic Transactions AssociationUNF 1

HJMUNF 2

Husch Blackwell StrategiesUNF 1

JRobinson Live, Inc (PLAYlive Nation located in Annapolis Mall)FAV 1

LendingClubFAV 1

Maryland Bankers AssociationFAV 2

Maryland Retailers AssociationFAV 3

Md Bankers AssocFAV 2

Office of the Commissioner of Financial Regulation, Department of LaborINFO 1

Rapid Financial Services, LLCUNF 2

Responsible Business Lending CoalitionFAV 2

Secured FInance NetworkUNF 2

Small Business MajorityFAV 2

Registered lobbyists who testified

FAVlocklair, caileyMaryland Retailers AssociationRegistered for: HPSO Investments LLC, T/A Riverboat on the Potomac; Maryland Retailers Alliance; Maryland Retailers Association

UNFFisher, KatherineCommercial Finance CoalitionRegistered for: Revenue-Based Finance Coalition

UNFMcDonough, CaitlinHJMRegistered 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…

UNFSaab, SidRegistered for: Chesapeake K9 Fund Inc; Urological Institute of Maryland/Triad Ambulatory Surgical Center; Maryland Esthetician Alliance; Clearway Pain Solutions; SPCA of Anne Arundel County…