Predatory lender definition
Predatory lender means a business entity that, through itself and/or an affiliate has made, issued or arranged, or assisted others in so doing, within any 12 month period, predatory loans that comprise either:
Predatory lender means any person or entity that lends, brokers, or in any way extends a predatory small loan.
Predatory lender means a financial institution that has made, within the previous 12- month period, predatory loans that comprise either: (1) five percent of the total annual number of loans made, or (2) 25 individual loans; whichever is less. Each financial institution and affiliate shall be considered separately for the purposes of these calculations, and only loans secured by residential real estate that is located within the City of Chicago shall be considered. The term “predatory lender” shall not include a financial institution, or its affiliates, that has submitted to the chief financial officer Chief Financial Officer or the city comptroller Comptroller a plan to discontinue the practice of making predatory loans, if the plan ensures: (i) the prompt disengagement from the practice of making predatory loans by the financial institution and its affiliates, and (ii) the complete cessation of the making of predatory loans by the financial institution and its affiliates within 180 days after the plan is submitted; provided that no more than one plan may be submitted on behalf of any financial institution.