[Sachip24]

thoughts on this new Maryland Bill??

https://debanked.com/2021/02/marylan...-to-jail-bill/

[harvey]

everyday is one day closer to this being over

no1 can have any good feelings about this bill - its the craziest one yet

[happyman]

what do they mean by double dipping?

[NationalCorporateData]

what do they mean by double dipping?

Nothing in the video or legislature actually defines the term other than a joke made by the speaker about double dipping potato chips.

It's not clear if they're talking about the colloquial term or relating to refinancing a balancing, which would be more industry-specific.

From Investopedia:
In the financial industry, double dipping occurs when a financial professional, such as a broker, places commissioned products into a fee-based account and then makes money from both the commission and the fee.

Presumably this means collecting commission from the funder as markup then adding a broker fee. May also mean the only cost by the funder can be the factor rate and not any additional fees, origination or otherwise.

[mca2150]

what do they mean by double dipping?

It's a made up legal term that no one seems to be able to properly define.

[Sean Cash]

Zoom hearing discussion of the bill. They poorly recorded the screen but you can at least listen to it: https://debanked.com/tv/?v=514017994

[TheUnderwritingProdigy]

what do they mean by double dipping?

I'd imagine when the funder is taking an origination fee (generally 5% of funded amount), and then the broker turns around and takes a 5-10% PSF on top of that.

[harvey]

Zoom hearing discussion of the bill. They poorly recorded the screen but you can at least listen to it: https://debanked.com/tv/?v=514017994

seems like alot of them are anti rate caps but pro disclosurers

[mca2150]

Let's have a moment of silence for this ill-advised bill...

[Yankeeman07]

Article on DeBanked;

Maryland’s Latest Merchant Cash Advance Prohibition Bill Failed to Advance

https://debanked.com/2021/03/marylan...ed-to-advance/