Payday Lending
While Maryland is a member of PaydayFreeLandia (aka the 16 states in the U.S. that have reasonable interest rate caps which limit high-cost, usurious lenders from charging 300%-1200% for small, short-term consumer loans) payday lenders try again and again to gain entrance into our state. Whenever they make one of these attempts, we activate our networks to fight back and keep them from offering high-interest, debt trap loans to low-income Maryland consumers.
Legislative Advocacy
SB 527 Shark Attack! In 2017, MCRC swam around the Maryland House and Senate, advocating for SB 527, which closes a loophole in our state's payday lending laws. Thanks to all the Senators and Delegates who withstood a shark attack to speak out against predatory consumer loans.
SB 527 passed the Maryland Senate and was signed by the Governor, keeping Maryland a member of PaydayFreeLandia.
CFPB Rule Change
MCRC worked with legislators and dozens of organizations across Maryland to ensure strong protections for Maryland consumers.
Through a comment letter, MCRC was able to advocate against a rule change that would weaken protections preventing payday lending in Maryland.
Facts and Figures
Education is a pillar of MCRC’s work and essential to keep payday lending out of our state. We have developed fact sheets to keep legislators and constituents alike educated on the predatory threat of payday lending. We also provide financial trainings to prioritize the financial health of our community and all Marylanders.
MCRC works closely with our partner organizations to maintain a strong coalition that is educated and mobilized to protect consumers.