WASHINGTON, D.C. – The Financial Technology Association filed an opposition letter with the Maryland House Economic Matters Committee, urging reconsideration of Senate Bill 881, which would impose new licensing requirements and disclosure rules on commercial financing providers.
FTA supports transparency in small business lending — but opposes a one-size-fits-all approach that could leave small business owners more confused, not less. FTA continues to support a uniform, model state commercial financing disclosure law that harmonizes the growing patchwork of state requirements and works for the full range of financing products available to small businesses. FTA also raised concerns about the bill’s implementation timeline, which would not give covered institutions sufficient time to update disclosures, systems, and compliance procedures.
Read the full letter here.
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