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SB 518

Maryland Financial Empowerment Center Network Pilot Program - Establishment

2026 Regular Session Introduced by Nancy King

Maryland establishes a pilot network of Financial Empowerment Centers offering financial literacy and counseling services to improve resident financial health and economic security.

Hearing 4/02 at 1:00 p.m.
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Bill Summary · SB 518

Legislative bill overview

SB 518 establishes a pilot program for Maryland Financial Empowerment Centers, which would provide financial literacy, counseling, and assistance services to residents. The bill authorizes the creation of a network of centers designed to help Marylanders improve financial health through education and direct support services.

Why is this important

Financial capability directly affects housing stability, debt management, and long-term economic security. Low-income and underserved communities often lack access to affordable financial guidance, making this pilot program a potential tool for addressing wealth gaps and reducing predatory financial practices in Maryland.

Potential points of contention

  • Program cost and funding: The bill's fiscal impact and ongoing funding mechanisms are unclear from the limited information, raising questions about budget sustainability
  • Center locations and equity: How the pilot determines which communities receive centers could affect whether underserved populations actually benefit or whether centers concentrate in already-resourced areas
  • Effectiveness measurement: The absence of specified performance metrics or evaluation criteria makes it difficult to assess whether the program achieves its intended outcomes

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

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