Pay day loan chains eying Md.; General Assembly considering exemption from interest restrictions; ‘A good market’

Nationwide payday lending chains are desperate to transfer to Maryland while the General Assembly considers exempting such organizations from the legislation that limits the interest levels permitted on customer loans.

If legislators approve the alteration, it’s going to start the entranceway when it comes to chains to create store in Maryland and commence making high-interest, short-term loans to consumers who will be borrowing against their next paycheck.

“they’dn’t be working this difficult to get legislation into it,” said Maxine Adler, an Annapolis lobbyist hired by a national association of payday lenders if they didn’t feel there was a good market in Maryland and didn’t want to get.

Maryland includes a version that is home-grown of financing — through locally owned check-cashing outlets that run as little, stand-alone shops or in stores such as for instance alcohol shops and pawnshops. Continue reading Pay day loan chains eying Md.; General Assembly considering exemption from interest restrictions; ‘A good market’