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On March 26, 2026, Maryland lawmakers passed a series of new measures aimed at bolstering protections for small businesses across the state. The legislation, which was signed into law by Governor Sarah Thompson, is set to go into effect on January 1, 2027.One of the key components of the new legislation is a provision that aims to address predatory lending practices targeting small businesses. Under the new law, financial institutions will be required to disclose all fees, interest rates, and other terms associated with small business loans in a clear and transparent manner. Additionally, lenders will be prohibited from engaging in unfair or deceptive practices, such as charging exorbitant interest rates or imposing unreasonable repayment terms.Another important aspect of the legislation is the establishment of a Small Business Ombudsman Office within the Maryland Department of Commerce. This office will serve as a resource for small business owners who encounter challenges or disputes with government agencies, financial institutions, or other entities. The Ombudsman will provide guidance, support, and advocacy to help small businesses navigate legal and regulatory issues, with the goal of promoting fair treatment and equality in the business community.In a statement following the signing of the bill, Governor Thompson emphasized the importance of protecting small businesses, which she described as the backbone of Maryland's economy. "Small businesses are vital to our state's prosperity, and we must do everything in our power to ensure that they have the support and protections they need to thrive," said Governor Thompson.The new legislation received widespread bipartisan support in the Maryland General Assembly, with lawmakers from both parties lauding the measures as a step in the right direction towards creating a more equitable and business-friendly environment in the state. Small business advocates and industry groups also praised the new law, hailing it as a crucial tool in safeguarding the interests of small business owners and promoting economic growth.Overall, the passage of this new legislation represents a significant milestone in Maryland's ongoing efforts to strengthen protections for small businesses and foster a more inclusive and competitive business landscape. As the provisions of the law take effect in the coming months, small business owners can look forward to greater transparency, accountability, and support in their entrepreneurial endeavors.