Statute Prohibiting Predatory LendingGoes Into Effect

January 02, 2005, 1:00 a.m. EST 1 Min Read

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COLUMBIA, Md. - (01/02/06) A strict statute prohibiting predatorylending has been signed into law here by Montgomery CountyExecutive Douglas. The bill, which had earlier passed the CountyCouncil, will go into effect on March 8 and affects all federal andstate-chartered institutions, including credit unions, that loanmoney secured by a dwelling on real property in Montgomery County,Md. The reason federal charters are not exempt is the statute fallsunder anti-discrimination laws.

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