Maryland HB693 establishes requirements for commercial financing disclosures, including annual percentage rates and repayment terms.
Maryland HB693 mandates that providers of commercial financing disclose specific information to recipients, including the total repayment amount, finance charge, and annual percentage rate. It requires providers to use the Federal Truth in Lending Act for calculating annual percentage rates. The bill also outlines the information providers must disclose for different types of commercial financing, such as open-end, closed-end, sales-based, and factoring transactions.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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