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Senator Jackson asks House panel to correct consumer‑credit code discrepancy
Summary
Senator Carl Jackson presented SB 784 as a technical correction to Maryland consumer‑credit licensing law to align published code with the final enacted language of HB 1516 (chapter 119), removing an obsolete provision that caused market confusion; OFR said it was available to answer questions.
Senator Carl Jackson appeared in person to present SB 784 to the House Economic Matters Committee, saying the bill corrects a discrepancy that arose after last year's cross‑filed bills produced inconsistent published language.
Jackson said HB 1516 (chapter 119), which the governor signed, contains the controlling language and that an obsolete provision remained in SB 1026's text, creating confusion for market participants and publishers. "This is not a policy change," Jackson said. "It is a technical correction that ensures clarity, consistency, and compliance within our consumer credit industry."
Kat Hyland, deputy commissioner of the Office of Financial Regulation, said she agreed with the senator's explanation and stood ready to answer questions. The committee had none and closed the SB 784 hearing.
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