A "payday loan" is a term used to describe a small loan, sometimes referred to as a "cash advance,"
regardless of whether payment of the loan is linked to a borrower's payday. In essence, they are short-term,
high interest loans. The high cost of these short-term loans can sometimes trap consumers into a cycle of debt.
"Payday loans" and other small consumer loans are generally subject to interest rate limitations under
Maryland law. For loans under $6,000, the maximum allowable annual rate is 24%, though loans under $2,000
may have a rate up to 33% based on a scale specified in the statute. More information may be found at
MD Code Annotated Commerical Law §12-306.
The Office of the Commissioner of Financial Regulation ("Commissioner") is responsible for regulating those
who are licensed (or who should be licensed) to do consumer lending. If you are uncertain as to whether a
company is licensed in Maryland, please review our licensing search
page.
If you have a complaint against a consumer lender that is licensed or a company that should be
licensed by the Commissioner, or otherwise believe has violated Maryland law, and you would like to
file a complaint regarding this transaction or lender, please send the following information below
to the Office of the Commissioner of Financial Regulation:
- Complaint letter or Completion of Complaint form
(Word document, 76KB, download
Word viewer for free) or
Formulario de Queja
(Word document, 61KB, download
Word viewer for free)
- Payday Loan Contract
- Proof of payments, i.e. bank statements, etc.
- Bank Release Authorization Form
(PDF document, 42KB, download
Adobe Acrobat for free)
**Please note if the above information is not provided, the complaint may be closed without further review.**
Contact Information to send the above information regarding a "payday" lender complaint is as follows:
Commissioner of Financial Regulation
Attention: Consumer Services Unit
500 North Calvert Street, Suite 402
Baltimore, Maryland 21202 You can also fax to:
Attention: Consumer Services Unit
Fax number: 410-333-3866 You can also email/scan your document to:
DLFRComplaints-DLLR@maryland.gov.
You can also walk in to our offices at 500 North Calvert Street, Baltimore, MD, 21202, Suite 402:
Walk-in Hours are: 9:00 am - 4:00 pm
Consumer Service Unit Phone Number: 410-230-6077
Main Telephone Number: 410-230-6100 or 888-784-0136
"Payday Loans” Overview of Protections Under Federal and Maryland Law – Suggestions to
Avoid Needing a “Payday” Loan
|