SitemapCity council postponed a vote Wednesday on legislation to help stop certain predatory lending contracts because local activists who back the policy change want to include tougher language.
Specifically, Alliance for Congregational Transformation Influencing Our Neighborhoods [ACTION] and the Youngstown Neighborhood Development Corp. want the proposal to require appraisals for every land-installment contract and a minimum $5,000 fee paid by companies to victims of predatory contracts, said Councilman Julius Oliver, D-1st, who is co-sponsoring the legislation.
Council, he said, is in agreement that those two provisions will be added.
“We are on board with it and we want to protect the citizens as much as possible,” Oliver said. To read the full story from The Vindicator, click here.