Philly Ordinance Challenged in County, Federal Courts
June 18, 2001
Industry trade groups are preparing to file a joint lawsuit in federal court challenging the legality of Philadelphia’s anti-predatory lending ordinance. The ordinance, which is due to take effect next month without Philadelphia Mayor John Street’s approval, was passed by the City Council amid much controversy. The Philadelphia ordinance is considered tougher than Chicago’s because it covers both mortgage lenders and brokers and is broader than state lending laws.