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Bill

SB 582

Consumer Protection - Unsolicited Loans

2026 Regular Session Introduced by Jack Bailey and 2 co-sponsors

Maryland bill restricts unsolicited loan solicitations to protect consumers from unwanted lending offers and targeting of vulnerable populations.

Approved by the Governor - Chapter 316
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Bill Summary · SB 582

Legislative bill overview

SB 582 is a consumer protection measure from Maryland that addresses unsolicited loan offers. The bill appears designed to restrict or regulate how lenders can contact consumers with unrequested loan products and proposals. Based on the title, it likely establishes requirements for how financial institutions must handle consumer consent and opt-out mechanisms for unsolicited lending solicitations.

Why is this important

Unsolicited loan offers have become a significant consumer complaint, with many people receiving calls, emails, and mailings for high-interest products they never requested. Such solicitations can target vulnerable populations and contribute to predatory lending practices. Establishing clear protections helps consumers maintain control over their financial information and reduces exposure to potentially harmful debt products.

Potential points of contention

  • Industry burden vs. consumer protection: Lenders may argue that restrictions on solicitation increase compliance costs and limit their marketing channels, while consumer advocates will emphasize privacy protections
  • Definition and scope: Questions about what constitutes "unsolicited" versus pre-approved offers, and whether all loan types (mortgages, auto loans, personal loans) are covered equally
  • Enforcement mechanisms: Disputes over penalties for violations, how consumer complaints will be handled, and which agencies have enforcement authority

Compiled from official sources — confirm details with the bill’s official record.

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