Small Business Majority testifies in favor of Maryland transparency bill

Wednesday, March 9, 2022

Today, Awesta Sarkash, Government Affairs Director, testified in front of the Maryland Senate Finance Committee in favor of Senate Bill 825, the Consumer Credit- Commercial Financing Transactions. SB 825 would enact critical protections for small business borrowers that are falling prey to predatory lending practices. The bill is applicable to financing products below $2.5 million because smaller, Main Street businesses are the ones being misled by the lack of transparency today. It provides transparency about the lending product, tells the online lender how to calculate and what to disclose to the borrower. This legislation replicates New York's and California's successful bills.