On September 22, 2003, the Cuyahoga County Court of Common Pleas declared most of Cleveland's Predatory Lending Ordinance to be in direct conflict w/Ohio law and, therefore, unenforceable. The only portions of the City Ordinance which were not held invalid relate to the City's ability to:

(a) refuse to do business w/anyone that is a "predatory lender" under the definition
contained in Ohio's "overall" predatory lending law; and

(b) limit the financial institutions w/which it deposits City money to only those
institutions that comply w/Ohio's "overall" predatory lending law.

No word yet on whether the City will appeal the Judge's decision.

I learned yesterday that the City of Cleveland filed a request with the Court to stay the Court's Order declaring Cleveland's Predatory Lending Ordinance invalid. This request strongly suggests that the City will appeal the Court's determination that the Ordinance cant be enforced.

If the Court grants the stay, it will allow the City to enforce the Ordinance, during the time the case is up on appeal. No word yet on whether the Court will grant the request for a stay. Im being told that appeals in Cuyahoga County can take time, so it may be late next year before we know if the Appeals Court will agree that the Ordinance is invalid.

The Judge's Decision declaring the City's Ordinance invalid is now Internet accessible at the following website:

http://clelaw.lib.oh.us/

Click on Predatory Lending Ordinance #737-02.

Looks like this is in effect - Judge's decision has been reversed, right?

Bump

Our investor is asking for an anti-predatory lending worksheet to be completed for all Cleveland, OH loans. Is this really a requirement?