Bill > SB509

This bill, the Commercial Financing - Small Business Truth in Lending Act, regulates commercial financing transactions in Maryland. It establishes requirements related to disclosures, calculations of annual percentage rates, terms of repayments, and other related items, as well as the extension of specific offers. The bill applies to various types of commercial financing, including closed-end financing, open-end financing, sales-based financing, and factoring transactions, with some exceptions. It requires providers to disclose key information to recipients, such as the total amount of financing, finance charges, estimated annual percentage rates, and projected payment amounts. The bill also gives the Commissioner of Financial Regulation the authority to adopt regulations and enforce the law, including through civil penalties.

Budget and Finance, Business and Industry

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0509?ys=2024RS