Bank files lawsuit challenging St.Louis County foreclosure law

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Bank files lawsuit challenging St.Louis County foreclosure law

Bank files lawsuit challenging St.Louis County foreclosure law

Stltoday-

A commercial bank on Tuesday filed a class-action suit against St. Louis County, claiming the county overstepped its authority with a new ordinance that requires banks to participate in formal mediation before foreclosing on county residents.

The Business Bank of St. Louis filed the suit in county circuit court on behalf of 272 commercial banks throughout the state.

The suit claims that the ordinance, which the County Council passed last month, constitutes an “effort to deny to Plaintiff and others similarly situated the right to choose when and how to exercise a lawful foreclosure remedy granted by the Missouri Legislature to stated chartered banks.”

County Counselor Pat Redington said Tuesday that she had not seen the lawsuit and declined to comment on it.

[STLTODAY]

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