"Payday loans," a kind of predatory lending that that ends up having to be paid back something like 400% of its value, is a product that has been known to trap low-income individuals in debt indefinitely. Crazy right? Payday loans currently illegal in MD, and we want it to stay that way! There is a company (that does payday loans in every other state, mind you) that is seeking to introduce a lending product that is near identical to a payday loan. Except, they're calling it a "line of credit."
To keep payday loans out of Maryland, we have to pass SB527 out of the MD Senate. This bill would make the product that the lending company is trying to produce illegal. We need to get as many Marylanders to call Sen. Middleton and ask him to pass SB527 out of Committee favorably with *no amendments* TODAY. He's the Chair of Finance, so you can call him no matter you're jurisdiction.
Please call as soon as you can, and forward someone who can call too! The call takes just 90 seconds to make! Calls to Senators on Finance from your county are also helpful. Sen Middleton: 410-841-3616
