City of Philadelphia - File #: 000715-A

• File #: 000715-A
• Version: 2
• Type: Bill
• Status: ENACTED
• File created: 11/16/2000
• In control: Committee on Public Health and Human Services
• 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

Date	Ver.	Action By	Action	Result	Tally
4/19/2001	2	MAYOR	NO ACTION TAKEN
4/5/2001	2	CITY COUNCIL	READ
4/5/2001	2	CITY COUNCIL	PASSED	Pass	16:0
3/29/2001	2	CITY COUNCIL	AMENDED
3/29/2001	2	CITY COUNCIL	ORDERED PLACED ON FINAL PASSAGE CALENDAR FOR NEXT MEETING.
3/29/2001	1	CITY COUNCIL	READ
12/14/2000	1	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
12/14/2000	1	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
12/14/2000	1	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
12/11/2000	0	Committee on Public Health and Human Services	HEARING NOTICES SENT
12/11/2000	0	Committee on Public Health and Human Services	AMENDED
12/11/2000	1	Committee on Public Health and Human Services	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
11/16/2000	0	CITY COUNCIL	Referred
11/16/2000	0	CITY COUNCIL	Introduced	Pass

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.

§ 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...