Montgomery County Predatory Lending Law Suspended

On March 8, Montgomery County's Predatory Lending Law was scheduled to go into effect. As a result many lending organizations in the area declared that they would limit their lending in the county. On March 7, a Circuit Court Judge granted a 12-day stay to keep the law from going into effect. Several lending companies have filed a lawsuit asking that the law be repealed and a trial hearing date has been set for July 6 of this year. Credit Suisse has already announced that it will attempt to close all impacted loans in Montgomery County by July 6, a trend that is expected to continue with other lending institutions.