View source for Euclid, OH In Support of Local Regulation of Predatory Lending

{{Entity|Locale=Euclid|Region=OH|Country=US}}
'''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'''<br>
''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.

[[Category:City Governments]]
[[Category:Ohio]]
[[Category:Predatory Lending]]
[[Category:Resolutions]]