§ 5.33.020. Findings.

The City Council finds and determines the following:

A.

The city as a home rule charter city has the right and power to make and enforce all laws and regulations that are its municipal affair, including the power to regulate business practices to promote the health, morals, safety, property, good order, well being, general prosperity or general welfare of Oakland residents.

B.

Predatory lending on home loans is a widespread, significant and growing problem in the city, and threatens the well being and general prosperity of Oakland residents and the city as a whole. Predatory lending practices are a significant economic drain on lower-income families and communities in Oakland. Predatory lending practices also lead to conditions of blight and the loss of affordable housing in Oakland, increase displacement and economic dislocation, reduce property values, erode the tax base, and increase the strain on city services.

C.

Because of socioeconomic and market conditions in Oakland which give rise to predatory lending practices, predatory lending is a municipal affair and a matter of unique local interest and concern for the city.

D.

Neither state law nor federal law adequately address the predatory lending problem in Oakland.

E.

The regulation of home mortgage lending practices by the city to prevent predatory lending, by prohibiting certain lending practices and requiring independent counseling on high-cost home loans, serves the public interest, is necessary to protect the health, morals, safety, property, general welfare, well being and prosperity of the residents of Oakland, and is within the home rule powers and police powers of the city.

(Ord. 12361 § 2 (part), 2001)