(a) Fines.
(1) Any lender who violates section 834.02 shall be subject to a fine of not more than $100 per day of violation.
(2) Each day in which a borrower is assessed with interest on the principal loan amount of a high cost or predatory loan shall constitute a separate violation of section 834.02.
(b) Loss of City Contracts. No person or business entity shall be awarded a contract with the City or a City Agency, if the person, business entity, or any of its affiliates is a predatory lender.
(c) Unfair or Deceptive Lending Practice.
(1) The making, issuing, or arranging of a high cost or predatory loan transaction in violation of any provision of section 834.02 is hereby declared an unfair or deceptive lending act or practice under the Ohio Revised Code, and is unlawful.
(2) The provisions of section 834.02 shall apply to any lender who in bad faith attempts to avoid the application of these sections by:
A. Dividing any high cost or predatory loan into separate parts for the purpose and with the intent of evading any provision of section 834.01; or,
B. Any other such subterfuge.
(d) Private Right of Action.
(1) Notwithstanding the provisions of 834.99 (a) through 834.99 (c), any individual who becomes obligated on a high cost or predatory loan may bring an action for damages and/or equitable relief in a court of competent jurisdiction against any lender who violates section 834.02. Judgment shall be entered for actual damages, but in no case less than the amount of home equity the individual has lost as a result of the high cost or predatory loan, as determined by the court, rescission of the high cost or predatory loan, in accordance with the rescission provisions of the federal Truth-in-Lending Act, reasonable attorneys fees and court costs.
(2) Nothing in section 834.99 limits the rights of the injured person to recover damages or seek equitable relief under any other applicable laws or legal theory.
(Ord. 01-036. Passed 1-28-02.)