Passage of Anti-Predatory Lending Measures in Illinois, Philly Toughens Industry’s Will to Defend Against ‘Consumer
April 23, 2001
Attacks’ Mortgage lenders suffered setbacks in Illinois and Pennsylvania last week with the passage of anti-predatory lending rules in those states, further complicating industry efforts to unravel the growing patchwork of state and municipal laws aimed at abusive lending practices. Illinois state officials banned state-licensed lenders from charging excessive mortgage loan rates under administrative rules approved on April 17 by the 12-member Joint Committee on Administrative Rules.