header-left
Share to Facebook Share to Twitter Bookmark and Share
File #: 000715-A    Version: Name:
Type: Bill Status: ENACTED
File created: 11/16/2000 In control: Committee on Public Health and Human Services
On agenda: Final action: 4/5/2001
Title: Enacting a new Chapter 9-2400 of The Philadelphia Code, entitled "Prohibition Against Predatory Lending," and amending Section 19-201 entitled "City Depositories," Section 19-2602 entitled "Licenses" and Section 22-1001 entitled "Investments," to prohibit all business entities and their affiliates from making, issuing or arranging any subprime or high-cost loan, or assisting others in doing so, in any manner which has been determined to be abusive, unscrupulous and misleading, providing penalties for non-compliance, establishing a Predatory Lending Review Committee to investigate alleged predatory loans and to make enforcement recommendations against business entities who have made, assisted with, issued or arranged a loan determined to be predatory, and granting remedies to aggrieved parties and community organizations; all under certain terms and conditions.
Sponsors: Councilmember Tasco, Councilmember Blackwell, Councilmember Ortiz, Councilmember Goode, Councilmember Reynolds Brown, Councilmember Kenney, Councilmember O'Neill, Councilmember Cohen, Councilmember DiCicco, Councilmember Clarke
Indexes: PREDATORY LENDING
Code sections: 19-201 - City Depositories, 19-2602 - Licenses, 22-1001 - Investments, 9-2400 - Prohibition Against Predatory Lending
Attachments: 1. CertifiedCopy000715-A02.pdf
Date Ver.Action ByActionResultAction DetailsVideo
4/19/20012 MAYOR NO ACTION TAKEN  Action details Not available
4/5/20012 CITY COUNCIL READ  Action details Not available
4/5/20012 CITY COUNCIL PASSEDPass Roll call Not available
3/29/20012 CITY COUNCIL AMENDED  Action details Not available
3/29/20012 CITY COUNCIL ORDERED PLACED ON FINAL PASSAGE CALENDAR FOR NEXT MEETING.  Action details Not available
3/29/20011 CITY COUNCIL READ  Action details Not available
12/14/20001 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass Action details Not available
12/14/20001 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR  Action details Not available
12/14/20001 CITY COUNCIL ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR  Action details Not available
12/11/20000 Committee on Public Health and Human Services HEARING NOTICES SENT  Action details Not available
12/11/20000 Committee on Public Health and Human Services AMENDED  Action details Not available
12/11/20001 Committee on Public Health and Human Services REPORTED FAVORABLY, RULE SUSPENSION REQUESTED  Action details Not available
11/16/20000 CITY COUNCIL Referred  Action details Not available
11/16/20000 CITY COUNCIL IntroducedPass Action details Not available
Title
Enacting a new Chapter 9-2400 of The Philadelphia Code, entitled "Prohibition Against Predatory Lending," and amending Section 19-201 entitled "City Depositories," Section 19-2602 entitled "Licenses" and Section 22-1001 entitled "Investments," to prohibit all business entities and their affiliates from making, issuing or arranging any subprime or high-cost loan, or assisting others in doing so, in any manner which has been determined to be abusive, unscrupulous and misleading, providing penalties for non-compliance, establishing a Predatory Lending Review Committee to investigate alleged predatory loans and to make enforcement recommendations against business entities who have made, assisted with, issued or arranged a loan determined to be predatory, and granting remedies to aggrieved parties and community organizations; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHIILADELPHIA HEREBY ORDAINS:

SECTION 1. A new Chapter 9-2400 of The Philadelphia Code entitled "Prohibition Against Predatory Lending", is hereby enacted, to read as follows:

CHAPTER 9-2400. PROHIBITION AGAINST PREDATORY LENDING PRACTICES.

ยง 9-2401. Legislative Findings.

(1) The City Council of the City of Philadelphia finds:

(a) that citizens from many lower and moderate income neighborhoods in Philadelphia have been unable to access legitimate financing for home purchases and renovations, allowing predatory lenders to thrive; and

(b) that these predatory lenders are charging exorbitant fees and interest rates and are persuading citizens to incur mortgage debt in excess of their needs or ability to pay, often through fraudulent means; and

(c) these predatory lending practices appear to be targeting elderly and vulnerable borrowers; and

(d) that to protect the citizens of Philadelphia and its neighborhoods from lending practices which strip hard earned equity from city residents and contribute to the problem of vacant and abandoned houses b...

Click here for full text