Credit Regulation - Maximum Interest Rate for Active Service Members (Service Members Civil Relief Act)
What this bill does
Prohibiting a person from charging an annual interest rate above 6% per year on a certain obligation held by an active service member or jointly by an active service member and the active service member's spouse; requiring that the active service member or the active service member's spouse provide the creditor with certain notice and documentation not later than 180 days after termination or discharge from active duty; and authorizing a court to grant a creditor relief from application of the Act after a certain finding.
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 (10)
MGA witness list| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Cross, Dr Cashenna A | Councilwoman At-Large, Glenarden | Oral |
| FAV | Murphy, Morgan | MD Dept of Veterans Affairs | Written (PDF) |
| FAV | Maryland, Veterans Caucus | MGA Veterans Caucus | Written (PDF) |
| FAV | Brooks, Benjamin | Maryland State Senate | Written (PDF) |
| FAV | Spiegel, Jayson | Self | Oral + Written (PDF) |
| FAV | Burns, Ashley | Individual | Oral + Written (PDF) |
| FAV | Lang, Alan | Individual | Position only |
| FAV | Senator Brooks, Senator Brookslegislator | Individual | Oral |
| FWA | Enten, Robert | Maryland Bankers Association | Oral |
| FWA | Richards, Evanlobbyist | Maryland Bankers Association | Oral + Written (PDF) |