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Efforts Stepped Up to Stop Predatory Lending

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Ohio Attorney General Marc Dann has stepped up measures to fight predatory lending. Ohio’s high rate of foreclosure has prompted our new attorney general to create a unit of the office solely dedicated to predatory lending. The unit, which currently has five attorneys will be expanded in Cleveland. The unit will be responsible for prosecuting both civil and criminal cases against lenders that take advantage of consumers. Lenders will only change their ways if they are forced to. Being forced to pay out for civil suits based on misconduct will force lenders to change their tune.

The unit was created to provide enforcement for Senate Bill 185, which tightened lending practices. Working hand in hand, Dann and new governor Ted Strickland are cracking down on shady lenders and businesses which have been able to take advantage of consumers.