DC Proposed Rule Extends Liability to Buyers, Assignees
June 10, 2002
Originators, purchasers or assignees of high-cost loans made in the District of Columbia could be held liable for violations of the district’s consumer protection and anti-predatory lending laws. Under a proposed rule issued by DC’s Department of Banking and Financial Institutions, the purchase or assignment of a high-cost loan does not relieve the lender, previous purchaser or assignee of any liability for any violation of the Home Loan Protection Emergency Act of 2002.