SB 509

Commercial Financing - Small Business Truth in Lending Act

Sponsor: Benjamin F. Kramer (District 19)Committee: FinanceSubject: Financial InstitutionsStatus: First Reading Economic Matters (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 (19)

MGA witness list

FAV 10FavorableFWA 1Favorable with amendmentsUNF 7UnfavorableINFO 1Information only

Position	Witness	Organization	Testimony
FAV	Cutwright, Don	Baltimore Community Lending, Inc.	Oral + Written (PDF)
FAV	Sands, Everett	Lendistry	Oral + Written (PDF)
FAV	Richards, Evanlobbyist	Maryland Bankers Association	Written (PDF)
FAV	Enten, Robert	Maryland Multi-Housing Assoc	Oral
FAV	locklair, caileylobbyist	Maryland Retailers Association	Oral
FAV	Childs, Mary	Responsible Business Lending Coalition	Written (PDF)
FAV	Collins, Karida	Individual	Oral
FAV	Murray, Rorylobbyist	Individual	Written (PDF)
FAV	Senator Kramer, Senator Kramerlegislator	Individual	Oral
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	Plaut, Arilobbyist	Law Offices of Boston and Plaut	Oral
UNF	Pappas, Natalie	Rapid Financial Services, LLC ("Rapid Finance")	Oral + Written (PDF)
UNF	Helfat, Jon	Secured FInance Network	Oral
UNF	Boston, Frank	Individual	Oral
FWA	DiPietro, Chris	CDi Consulting Services, L.L.C.	Oral + Written (PDF)
INFO	Hennen, Amy	Office of the Commissioner of Financial Regulation, Department of Labor	Written (PDF)

Organizations on record

Baltimore Community Lending, Inc.FAV 1

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

Commercial Finance CoalitionUNF 1

Electronic Transactions AssociationUNF 1

HJMUNF 1

Law Offices of Boston and PlautUNF 1

LendistryFAV 1

Maryland Bankers AssociationFAV 1

Maryland Multi-Housing AssocFAV 1

Maryland Retailers AssociationFAV 1

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

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

Responsible Business Lending CoalitionFAV 1

Secured FInance NetworkUNF 1

Registered lobbyists who testified

FAVRichards, EvanMaryland Bankers AssociationRegistered for: Maryland Bankers Association

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

FAVMurray, RoryRegistered for: Alliance to Prevent Legionnaire's Disease; American Council of Engineering Companies/MD; Association of Independent Maryland and D.C. Schools; Chesapeake Watershed Restoration Professionals; Kaiser Permanente; Lightstar Renewables…

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…

UNFPlaut, AriLaw Offices of Boston and PlautRegistered for: ADT, LLC dba ADT Security Services; Altria Client Services LLC and its Affiliates - Philip Morris USA Inc., John Middleton Co., U.S. Smokeless Tobacco Co., Helix Innovations LLC & NJOY, LLC; Amazon.com Services, Inc c/o Frank D. Boston III, Attorney at Law; Baltimore City Fraternal Order of Police Lodge 3; CoinFlip; Crown MD Online Gaming LLC…