On Tuesday, March 7, 2006, Circuit Court Judge Michael D. Mason granted a 120-day stay on Montgomery County's Predatory Lending Law, which would have gone into effect on Wednesday, March 8, 2006. A trial hearing date has been set for July 6, 2006. GCAAR sent out a notice to members urging them to check with individual lenders to find out if they will continue to do business in the County while the law is on hold. GCAAR will do its best to inform members of any new lender updates as they come in.
GCAAR recommends that members check with individual lenders to find out how they will conduct their business while the law is on hold. Already Credit Suisse has 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. This law affects all our members who do business in Montgomery County and is an imperative issue that GCAAR is dedicated to keeping members informed about. We will continue to report to our members on the status of this law until the controversy is resolved and the long-term effect on the real estate industry in Montgomery County is known for sure.
What You Can Do
Please let us know what you are hearing and how your buyers are being affected. Email Meredith Weisel at email@example.com with your information. If you have a situation or know of a situation where a buyer's loan is being canceled because of this new law, contact the lead sponsor of the bill, Council member Tom Perez, Councilmember.Perez@montgomerycountymd.gov or 240.777.7966.