Maryland Auto Finance Bill Withdrawn from Consideration

Auto Finance

On March 11, the Maryland House Committee on Economic Matters reported unfavorably on Maryland House Bill 530. Introduced on February 1, 2016, the bill would have repealed and reenacted, with amendments, Maryland Commercial Law and Annotated Code of Maryland by adding language requiring an assignee of certain documents – retail installment agreements, a note, or other evidence of a loan – relating to the finance purchase of a motor vehicle to provide payment to the seller of the motor vehicle within two business days after approval of the assignment. After the unfavorable report, the bill was withdrawn from consideration.