(a) No financial institution shall be awarded a contract with the city if the financial institution, or any of its affiliates, has been determined by the chief financial officer or the city comptroller to be a predatory lender. For purposes of this section, "financial institution", "predatory lender" and "affiliate" shall have the meaning ascribed to the terms in Section 2-32-455.
(b) With each bid submitted by a financial institution for any contract with the city there shall be a pledge signed by the chairman of the board, chief executive officer or other officer of the financial institution acceptable to the chief financial officer or the city comptroller. The pledge shall be in substantially the following form:
We pledge that we are not and will not become a predatory lender as defined in Chapter 2-32 of the Municipal Code of Chicago. We further pledge that none of our affiliates is, and none of them will become, a predatory lender as defined in Chapter 2-32 of the Municipal Code of Chicago. We understand that becoming a predatory lender or becoming an affiliate of a predatory lender may result in the loss of the privilege of doing business with the city.
(c) Nothing in this section shall affect the validity of any contract entered into in connection with any debt obligations issued by or on behalf of the city prior to a determination by the chief financial officer or the city comptroller that an entity participating in the contract is a predatory lender. Any other contract awarded in violation of this section shall be voidable at the option of the city.
(d) The Chief Financial Officer or the City Comptroller, together with the Chief Procurement Officer, Commissioner of Housing and Commissioner of Planning and Development, may suspend the ineligibility of a financial institution in order to allow execution of a contract with the financial institution upon written application by the head of a City agency or department affected by the proposed contract, setting forth facts sufficient in the judgment of the Chief Procurement Officer to establish:
(i) that the public health, safety or welfare of the City requires the goods or services of the financial institution; and
(ii) that the City is unable to acquire the goods or services at comparable price and quality, and in sufficient quantity from other sources.
(Added Coun. J. 8-30-00, p. 39074, § 2; Amend Coun. J. 11-19-08, p. 47220, Art. VIII, § 1; Amend Coun. J. 11-17-10, p. 106597, Art. IX, § 2; Amend Coun. J. 11-26-13, p. 67481, Art. I, § 4; Amend Coun. J. 11-14-18, p. 90308, Art. I, § 25)