HB 574

Commercial Financing - Small Business Truth in Lending Act

Sponsor: David Fraser-Hidalgo (District 15)Committee: Economic MattersSubject: Financial InstitutionsStatus: Hearing 2/20 at 1:00 p.m. (as of Nov 13, 2024)

What this bill does

Official synopsis

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 specific offers.

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Testimony (23)

MGA witness list

FAV 15FavorableFWA 1Favorable with amendmentsUNF 7Unfavorable

Position	Witness	Organization	Testimony
FAV	Crockett, Bonnie	Baltimore Community Lending, Inc.	Oral + Written (PDF)
FAV	Hannah, Grant	Bluevine Inc.	Oral + Written (PDF)
FAV	Sands, Everett	Lendistry	Oral + Written (PDF)
FAV	Richards, Evanlobbyist	Maryland Bankers Association	Written (PDF)
FAV	Price, Sarahlobbyist	Maryland Retailers Alliance	Oral
FAV	locklair, caileylobbyist	Maryland Retailers Association	Oral
FAV	Caditz-Peck, Louis	National Community Reinvestment Coalition	Oral + Written (PDF)
FAV	Murray, Tara	National Urban League	Oral + Written (PDF)
FAV	Childs, Mary	Responsible Business Lending Coalition	Written (PDF)
FAV	Sarkash, Awesta	Small Business Majority	Oral + Written (PDF)
FAV	Klein, Joyce	The Aspen Institute	Oral + Written (PDF)
FAV	Collins, Karida	Individual	Oral
FAV	Delegate Fraser-Hidalgo, Delegate Fraser-Hidalgolegislator	Individual	Oral
FAV	Fraser-Hidalgo, David	Individual	Written (PDF)
FAV	Weaver, Eric	Individual	Oral + Written (PDF)
UNF	Fisher, Katherinelobbyist	Commercial Finance Coalition	Oral + Written (PDF)
UNF	Hebert, Claire	Electronic Transactions Association	Written (PDF)
UNF	McDonough, Caitlinlobbyist	HJM	Oral
UNF	Pappas, Natalie	Rapid Financial Services, LLC ("Rapid Finance")	Oral + Written (PDF)
UNF	Gibbons, Deveron	Revenue Based Finance Coalition	Oral
UNF	Helfat, Jon	Secured FInance Network	Oral
UNF	Boston, Frank	Individual	Oral
FWA	DiPietro, Chris	CDi Consulting Services, L.L.C.	Oral + Written (PDF)

Organizations on record

Baltimore Community Lending, Inc.FAV 1

Bluevine Inc.FAV 1

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

Commercial Finance CoalitionUNF 1

Electronic Transactions AssociationUNF 1

HJMUNF 1

LendistryFAV 1

Maryland Bankers AssociationFAV 1

Maryland Retailers AllianceFAV 1

Maryland Retailers AssociationFAV 1

National Community Reinvestment CoalitionFAV 1

National Urban LeagueFAV 1

Rapid Financial Services, LLC ("Rapid Finance")UNF 1

Responsible Business Lending CoalitionFAV 1

Revenue Based Finance CoalitionUNF 1

Secured FInance NetworkUNF 1

Small Business MajorityFAV 1

The Aspen InstituteFAV 1

Registered lobbyists who testified

FAVRichards, EvanMaryland Bankers AssociationRegistered for: Maryland Bankers Association

FAVPrice, SarahMaryland Retailers AllianceRegistered for: Maryland Retailers Alliance; Maryland Retailers Association

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…