Critics say the bill as drafted exempts app-based lenders from state laws that “prohibit lending that is discriminatory, is deceptive, or carries extremely high interest rates.” The Center for Responsible Lending said in a statement that the new law makes it easier for Marylanders to be sucked into “financial quicksand” because of payday loan apps. “The bill becoming law but without the governor’s signature is indicative of serious, widespread concerns about these payday loan apps, including from the governor’s administration,” said Whitney Barkley, deputy director of state policy and senior policy counsel for the Center for Responsible Lending.
