Nashville, TN In Support of Legislation to Outlaw Predatory Lending Practices

Nashville, TN, US

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Type: Resolution

Status: Adopted on 11/16/04

Source File: http://www.nashville.gov/mc/resolutions/rs2004_606.htm

Text:

RESOLUTION NO. RS2004-606
A resolution requesting the Davidson County Delegation to the Tennessee General Assembly to support legislation that would outlaw predatory lending practices in Tennessee.

WHEREAS, the practice of predatory lending is a serious stumbling block for persons seeking to climb out of poverty and achieve homeowner status; and

WHEREAS, according to the Journal of Affordable Housing, predatory lending practices are characterized by charging large fees and high interest rates, adding unneeded credit insurance, promoting loans with prepayment penalties and balloon payments, and the practice of “loan flipping”; and

WHEREAS, predatory lenders target unsuspecting senior citizens and low-income residents because they are most vulnerable to being taken advantage of; and

WHEREAS, Georgia, Maryland, North Carolina, Florida, Colorado, and the city of Philadelphia, Pennsylvania have all enacted predatory lending regulations; and

WHEREAS, legislation has been filed with the Tennessee General Assembly that would outlaw predatory lending practices in Tennessee, but has been unable to move forward toward passage; and

WHEREAS, it is fitting and proper that the Davidson County Delegation to the Tennessee General Assembly support the pending legislation in an effort to help curb the practice of predatory lending in the city of Nashville and in this state as a whole.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. That the Metropolitan County Council hereby goes on record as requesting the Davidson County Delegation to the Tennessee General Assembly to support legislation that would outlaw predatory lending practices in Tennessee.

Section 2. That the Metropolitan Clerk is directed to send a certified copy of this Resolution to each member of the Davidson County Delegation to the General Assembly.

Section 3. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.