Payday Lenders Face Tougher Restrictions
(The Baltimore Sun) — Maryland is on the verge of once more making it harder for payday lenders — especially over the Internet — to offer high-priced loans in the state.
The General Assembly overwhelmingly approved legislation to prevent payday lenders from getting around Maryland’s interest rate cap on small consumer loans. Gov. Martin O’Malley is expected to sign it into law, which would kick in Oct. 1.