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(1) The City Council of the City of Philadelphia finds:
(a) that citizens from many lower and moderate income neighborhoods in Philadelphia have been unable to access legitimate financing for home purchases and renovations, allowing predatory lenders to thrive; and
(b) that these predatory lenders are charging exorbitant fees and interest rates and are persuading citizens to incur mortgage debt in excess of their needs or ability to pay, often through fraudulent means; and
(c) these predatory lending practices appear to be targeting elderly and vulnerable borrowers; and
(d) that to protect the citizens of Philadelphia and its neighborhoods from lending practices which strip hard earned equity from City residents and contribute to the problem of vacant and abandoned houses by making loans that families cannot afford to repay.
(2) It is the intent and purpose of this Chapter:
(a) to collect and make available to the public information necessary for City residents to protect themselves against predatory lending practices; and
(b) to prevent the lenders engaged in predatory lending and those persons providing referrals and services to those lenders from enjoying the privilege of doing business with our City; and
(c) to prevent predatory lenders and those persons providing referrals and services to those lenders from taking advantage of City programs designed to encourage home ownership and home repair.