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Volume 3, Issue 2, 2003   Federal Reserve Bank of Dallas

What's Happening at the State and Local Level

States Laws That Provide Some Protection Against Predatory Lending:

  • California (signed 2001; effective July 2002)
  • Georgia (signed 2002; effective October 2002)
  • North Carolina (signed in 1999; some provisions effective in 1999 and others in 2000)
  • New York (signed Oct. 3, 2002; scheduled to take effect in April 2003)

State Laws That Preempt Local Laws on Predatory Lending:

  • Colorado (2002)
  • Florida (March 2002)
  • Maryland (April 2002)
  • Michigan (December 2002)
  • Ohio (2002)
  • Pennsylvania (June 2001)

States with Regulations That Provide Some Protection Against Predatory Lending:

  • Illinois (2001; currently on appeal)
  • Massachusetts (effective March 2001; slightly modified July 2002)

City Laws Restricting Predatory Lending:

  • Oakland (passed Oct. 2001 but on appeal)
  • Los Angeles (passed Nov. 2002)
  • New York (City Council voted to override mayoral veto Nov. 2002; the Council had originally passed the ordinance Sept. 2002)
  • Washington, D.C. (passed 2002)
  • Chicago (2000)
  • Philadelphia (passed April 2001 but preempted by state June 2001)
  • Cleveland (preempted by state)
  • Dayton (preempted by state)
  • Detroit (passed December 2002, preempted by state Dec. 2002)

States with Pending Bills That Would Restrict Predatory Lending:

  • Arizona
  • Arkansas
  • Kentucky
  • Massachusetts
  • New Jersey
  • New Mexico
  • Rhode Island
  • South Carolina

Cities That Have Passed Resolutions Opposing Federal Preemption:

  • Albuquerque
  • Boston
  • Bridgeport
  • New York
  • Philadelphia
  • Pittsburgh

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e-Perspectives, Volume 3, Issue 2, 2003

Federal Reserve Bank of Dallas Off-site page
Community Development Office Send an e-mail
P.O. Box 655906, Dallas, Texas 75265-5906
Gloria Vasquez Brown Send an e-mail
Vice President
    Jackie Hoyer Send an e-mail
Houston Branch
Senior Community Development Advisor
Diana Mendoza
Community Development Specialist
    Karen Riley
Community Development Specialist
Jason Sweat
Community Development Specialist
The views expressed are the authors' and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System. Articles may be reprinted on the condition that the source is credited and a copy is provided to the Community Development Office.

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