The final version of the the D.C. Predatory Lending bill (Bill 14-0515), as adopted by the Council and now signed by the Mayor, is available here.

One of the best aspects of the new law is that the complicated disclosure provisions under the "old" act have been completely eliminated!

The prior foreclosure procedures, in place for almost 100 years, remain in force and effect until such time as the Council may adopt any new legislation covering those topics.

An "emergency" version (Bill 14-0555) of the same bill was also passed and signed by the Mayor so there should not be any "gap" from November 7, 2001 through March 6, 2002. However, Betty Ann Kane (noted lobbiest in DC) , Elisabeth Zajic (Vice President and Counsel - First American Title Ins. Co.) and David Cox (Jackson & Campbell) are working diligently to have the Council (hopefully through the good offices of Councilmember Sharon Ambrose) adopt an amendment to cover the April 3 through November 6, 2001 "gap" (i.e., the period when the "old" combined predatory lending and foreclosure act was technically in effect).

Please circulate this Newsletter to others in your organization who may have an interest in its contents.

Sincerely,

Real Property and Asset Management Group
Jackson & Campbell, P.C.