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‘Warning: Predatory Lender’–A Proposal for Candid Predatory Small Loan Ordinances – Christopher L. Peterson

‘Warning: Predatory Lender’–A Proposal for Candid Predatory Small Loan Ordinances – Christopher L. Peterson


Christopher Lewis Peterson
University of Utah – S.J. Quinney College of Law

Washington and Lee Law Review, Vol. 69, No. 2, 2012

Abstract:     
Over a hundred different local governments around the country have adopted ordinances restricting high cost, small loans. This trend reflects the solid majority of the American public that opposes the legality of triple-digit interest rate loans and the long historical tradition of treating “payday” and car-title lending as a serious civil offense or even a crime. Nevertheless, perhaps owing to limits on municipal power, local payday lending law has generated relatively little scholarship or commentary. This paper describes the existing local law governing small, high-cost consumer loans and proposes a more emphatic ordinance that better reflects the policy judgment of many local leaders and a solid majority of the America public. In particular, this paper (1) introduces the historical background of regulation of usurious lending; (2) analyzes the recent growth in local ordinances attempting to control small, high-cost loans; (3) discusses the evidence of market failure in the small high-cost loan market; (4) proposes a model ordinance requiring that lenders who offer loans in excess of 45% per annum display a cautionary message that reads: “Warning: Predatory Lender,” on their street, storefront, and other on-premises signs; and, (5) argues that the well-established municipal authority over signage provides a solid statutory and constitutional basis for such a law. An appendix with a model ordinance suitable for adoption by most local governments follows.

[ipaper docId=76189048 access_key=key-qf71ytid5b8j4007iww height=600 width=600 /]

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THIS LAWSUIT YOU GOTTA READ!!! LONG v. JPM Chase, BOA, LPS, SHAPIRO & SWERTFEGER, LLP et al

THIS LAWSUIT YOU GOTTA READ!!! LONG v. JPM Chase, BOA, LPS, SHAPIRO & SWERTFEGER, LLP et al


Thanks to WamuLoanFraud.com for this tip

IN THE SUPERIOR COURT OF FULTON COUNTY
STATE OF GEORGIA

TAMMY JO LONG, CASTLE HOME §
BUILDERS, INC., AND WILLIAM KEITH §
DAVIDSON

v.

JPMORGAN CHASE BANK N.A., BANK
OF AMERICA N.A., BANK OF AMERICA,
NATIONAL ASSOCIATION AS
SUCCESSOR BY MERGER TO LASALLE
BANK NA AS TRUSTEE FOR WAMU
MORTGAGE PASS-THROUGH
CERTIFICATES SERIES 2006-AR19
TRUST, LENDER PROCESSING
SERVICES, INC., NEW ORLEANS
EMPLOYEES’ RETIREMENT SYSTEM,
MARTA/ATU LOCAL 732 EMPLOYERS
RETIREMENT PLAN, WASHINGTON
MUTUAL BANK, F.A., FIRST AMERICAN
EAPPRAISEIT, FIRST AMERICAN, INC.,
WAMU ASSET ACCEPTANCE CORP.,
SHAPIRO & SWERTFEGER, LLP, DOE(S)
ROE(S) AND WASHINGTON MUTUAL
INC.

PLAINTIFF’S FIRST VERIFIED COMPLAINT FOR EMERGENCY TEMPORARY AND PERMANENT INJUNCTIVE RELIEF, DECLARATORY RELIEF & JUDGMENT, FRAUD IN THE FACTUM & INDUCEMENT, FRAUD, ASSIGNMENT & TITLE FRAUD/ SLANDER OF TITLE, VIOLATIONS OF THE GEORGIA RESIDENTIAL MORTGAGE ACT & MORTGAGE FRAUD, VIOLATION OF FAIR DEBT COLLECTION ACT, NEGLIGENT SUPERVISION, TORTIOUS INTERFERENCE WITH CONTRACT AND BUSINESS RELATIONSHIPS, VIOLATION OF FIDUCIARY DUTY, VIOLATION OF DUTY OF GOOD FAITH & FAIR DEALING, VIOLATION OF GEORGIA’S RACKETEERING STATUTES (RICO), COUNT XIII RESCISSION, UNJUST ENRICHMENT, CLAIM FOR ATTORNEY FEES & LITIGATION EXPENSES PURSUANT TO O.C.G.A. §§ 13-6-11 & 13-1-11, BREACH OF CONTRACT, VIOLATIONS OF REAL ESTATE SETTLEMENT PROCEDURES ACT, VIOLATIONS OF FEDERAL TRUTH-IN-LENDING ACT, VIOLATION OF FAIR CREDIT REPORTING ACT, FRAUDULENT MISREPRESENTATION, & USURY & FRAUD

[ipaper docId=39953852 access_key=key-1lw7fm32kpcbjjpebb4p height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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