Chitownproperty

A state law intended to curb predatory lending practices is set to go in effect Jan. 1, but some of its restrictions are causing confusion among lenders. The law seeks to lower the foreclosure rate in Cook County by tracking loans made in neighborhoods with high rates of defaulted loans. As it stands, the law is rather ambiguous about which loans in what neighborhoods are subject to the new rules, so some lenders are afraid to make any loans in Cook County after the new year until the state clarifies the rule. The state promises to introduce emergency rules to clarify the situation soon.