Euclid, OH In Support of Local Regulation of Predatory Lending

Euclid, OH, US

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Type: Resolution

Status: Adopted on 9/6/05

Source File: http://www.ci.euclid.oh.us/pdfs/135-05cl.pdf

Text:

Resolution No. 135-2005
A resolution in support of local regulation of predatory lending, and in support of the repeal of Ohio Revised Code §1.63, which has been ruled unconstitutional by the Ohio Eighth District Court of Appeals.

WHEREAS, predatory lending is an unfair credit practice which harms the borrower and supports a credit system that promotes inequality and poverty; and

WHEREAS, predatory lending demonstrates itself through a variety of indicators, including home improvement scams, racial steering, falsifying loan applications, high interest rates, flipping, and subprime lending; and

WHEREAS, predatory lending strips equity from low-and-moderate income people, minorities, and women; and

WHEREAS, predatory lending threatens the growth and stability of neighborhood communities; and

WHEREAS, Ohio Revised Code §1.63, declared unconstitutional by the Eighth District Court of Appeals, prohibits local regulation of predatory lending; and

WHEREAS, municipalities have Home Rule authority to regulate predatory lending at the local level.

NOW, THEREFORE, be it ordained by the Council of the City of Euclid, State of Ohio:

Section 1: That the Clerk of this Council is hereby authorized and directed to certify a copy of this resolution to: State Senators Eric Fingerhut, C.J. Prentiss; and to State Representative Kenny Yuko, to make them aware of the impact of this problem on communities and to encourage them to sponsor and to pass this legislation which will repeal Ohio Revised Code §1.63 and allow local regulation of predatory lending.

Section 2: That it is found and determined that all formal actions of this Council concerning and relating to the adoption of this resolution were adopted in an open meeting of this Council, and that all deliberations of this Council and any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements, including Section 121.22 of the Ohio Revised Code.

Section 3: That this resolution shall take immediate effect.