New State Lending Law Outlines Zip Codes for Credit Counseling

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00007102-new-state-lending-law-outlines-zip-codes-/

A new Illinois predatory lending law requiring home buyers to receive credit counseling before finalizing their purchases will apply initially to nine zip codes on Chicago’s Southwest Side, state regulators announced late Friday.

The law requires the state’s Department of Financial and Professional Regulation to set up a pilot program within Cook County and set up a database with information on mortgages made within the area’s borders. In designating the nine zip codes, the department chose a part of the city that has experienced more high-rate mortgages than other areas.

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