summary
Introduced
02/03/2023
02/03/2023
In Committee
04/03/2023
04/03/2023
Crossed Over
03/16/2023
03/16/2023
Passed
Dead
04/10/2023
04/10/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT concerning Consumer Credit Commercial Financing Transactions FOR the purpose of requiring that certain revenue, fees, and examination and investigation fees and assessments relating to commercial financing transactions be credited to the Nondepository Special Fund; 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; and generally relating to commercial financing transactions. BY repealing and reenacting, with amendments, Article - Financial Institutions Section 11-610(a)(13)(i), (b)(1), and (c) Annotated Code of Maryland (2020 Replacement Volume and 2022 Supplement) BY adding to Article - Financial Institutions Section 12-1101 through 12-1114 to be under the new subtitle “Subtitle 11. Commercial Financing” Annotated Code of Maryland (2020 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - Financial Institutions Section 12-1102 Underlining indicates amendments to bill. Strike out indicates matter stricken from the bill by amendment or deleted from the law by amendment. SENATE BILL 496 Annotated Code of Maryland (2020 Replacement Volume and 2022 Supplement) (As enacted by Section 1 of this Act)
AI Summary
This bill:
Requires that certain revenue, fees, and examination and investigation fees and assessments relating to commercial financing transactions be credited to the Nondepository Special Fund. It regulates commercial financing transactions, including by establishing requirements related to disclosures, calculations of annual percentage rates, terms of repayments, and other related items, as well as the extension of special offers. The bill also provides that the Commissioner of Financial Regulation shall impose civil penalties for violations and allows the Commissioner to investigate complaints. The bill's provisions are contingent on the adoption of certain exemptions by the New York State Department of Financial Services, and the bill will take effect on October 1, 2023, subject to that contingency.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
Unfavorable Report by Economic Matters (on 04/03/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0496?ys=2023RS |
| Vote Image | https://mgaleg.maryland.gov/2023RS/votes_comm/sb0496_ecm.pdf |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/sb/sb0496t.pdf |
| Favorable with Amendments 173323/1 Adopted | https://mgaleg.maryland.gov/2023RS/amds/bil_0006/sb0496_17332301.pdf |
| Vote Image | https://mgaleg.maryland.gov/2023RS/votes_comm/sb0496_fin.pdf |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/sb/sb0496f.pdf |
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