Commercial Financing - Small Business Truth in Lending Act
In the House - Hearing 3/03 at 1:00 p.m.
Summary
HB 1007 adds a new subtitle to Maryland’s financial‑institution code that defines commercial financing and requires providers to give clear disclosures and calculate an annual percentage rate using federal truth‑in‑lending rules. The law applies to most non‑bank lenders that extend credit for business purposes, but it leaves out banks, credit unions, small‑volume lenders, and certain high‑value or specialized transactions. The goal is to give small‑business borrowers more transparent information about the cost of financing.
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