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Home My WebLink AboutR-00-0895J-00-902 10/10/00 RESOLUTION NO. 8 9 � 11 A RESOLUTION OF THE MIAMI CITY COMMISSION URGING GOVERNOR JEB BUSH AND THE STATE OF FLORIDA DEPARTMENT OF BANKING AND FINANCE TO TAKE ALL STEPS NECESSARY TO ENFORCE ALL REGULATORY PROVISIONS OF THE FLORIDA STATUTES AND FLORIDA ADMINISTRATIVE CODE TO PROHIBIT THE HOME MORTGAGE INDUSTRY'S PREDATORY LENDING PRACTICES, PARTICULARLY AS SUCH PRACTICES NEGATIVELY AFFECT MINORITIES AND THOSE INDIVIDUALS OF LOW TO MODERATE INCOME; FURTHER DIRECTING THE CITY CLERK TO TRANSMIT A COPY OF THIS RESOLUTION TO THE OFFICIALS DESIGNATED HEREIN. WHEREAS, predatory lending practices in the home mortgage industry are widespread and have become a major problem for minority, and low to moderate income individuals throughout the State of Florida, and most particularly in Miami -Dade County; and WHEREAS, since 1993, the number of sub -prime loans have increased tenfold; and WHEREAS, Black and Hispanic individuals of low and moderate income who refinance their homes are three times more likely than their Caucasian counterparts to receive sub -prime loans; and WHEREAS, the mortgage brokerage and mortgage lending industry is regulated by the Florida Statutes and the Florida Administrative Code; and CITY COMMISSION MEETING OF O C T 1 2 2000 Resolution No. WHEREAS, it is imperative that all regulations be strictly enforced by the Department of Banking and Finance to prohibit such predatory practices; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. Governor Jeb Bush and the State of Florida Department of Banking and Finance are hereby urged to take all steps necessary to enforce all regulatory provisions of the Florida Statutes and Florida Administrative Code to prohibit the home mortgage industry's predatory lending practices, particularly as such practices negatively affect minorities and those individuals of low to moderate income. Section 3. The City Clerk is hereby directed to transmit a copy of this Resolution to Governor Jeb Bush, Lieutenant Governor Frank T. Brogan, President of the Florida Senate Toni Jennings, Speaker of the Florida.House of Representatives John Thrasher, all members of the Dade County Legislative Delegation, and State Comptroller Robert Milligan, Department of Banking and Finance. Page 2 of 3 00-8 0— �;, o, Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.'/ PASSED AND ADOPTED this 12th ATTEST: day of October JOE CAROLLO, MAYOR 2000. In accordance with Miami Code Sec. 2-36, since the Mmoor slid not indicate approvAl of this legislation by signing it in the designated lilac , ,ro ided, said Iegisist nour becomes effective with the slapso of len ( a the Cf.,r. � actio regarding same, without the Mlyoro es WALTER J. FOEMAN CITY CLERK APPROVED.,440, FORM ATTORNEY 4768: BSS CORRECTNESS Walter Clerk �i If the Mayor doe's—pot sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. Page 3 of 3 Go— � � � WALTER J. FOEMAN City Clerk November 7, 2000 Zit �xa #� �f t�ti GMTV op'' F O uaii oil, O.. FV�4~O TO: The Honorable Jeb Bush, Governor The Honorable Frank T. Brogan, Lieutenant Governor The Honorable Toni Jennings, President of the Florida Senate l �e-0 CARLOS A. GIMENEZ City Manager The Honorable John Thrasher, Speaker of the Florida House of Representatives Ms. Debra D. Owens, Executive Director - Miami -Dade County Legislative Delegation Robert F. Milligan, State Comptroller - Department of Banking and Finance �`✓ FROM: Walter J. Foeman, frami City Clerk Enclosed please find a copy of Resolution 00-895, which was passed and adopted by the City of Miami Commission at its meeting on October 12, 2000. This legislation is being forwarded to you for your information and files. OFFICE OF THE CITY CLERK/ 3500 Pan American Drive/P.O. Box 330708/Miami, FL 33233/(305) 250-5360/FAX: (305) 858-1610 J-00-902 10/10/00 RESOLUTION NO. A RESOLUTION OF THE MIAMI CITY COMMISSION URGING GOVERNOR JEB BUSH AND THE STATE OF FLORIDA DEPARTMENT -OF BANKING AND FINANCE TO TAKE ALL STEPS NECESSARY TO ENFORCE ALL REGULATORY PROVISIONS OF THE FLORIDA STATUTES AND FLORIDA ADMINISTRATIVE CODE TO PROHIBIT THE HOME MORTGAGE INDUSTRY'S PREDATORY LENDING PRACTICES, PARTICULARLY AS SUCH PRACTICES NEGATIVELY AFFECT MINORITIES AND THOSE INDIVIDUALS OF LOW TO MODERATE INCOME; FURTHER DIRECTING THE CITY CLERK TO TRANSMIT A COPY OF THIS RESOLUTION TO THE OFFICIALS DESIGNATED HEREIN. WHEREAS, predatory lending practices in the home mortgage industry are widespread and have become a.major problem for minority, and low to moderate income individuals throughout the State of Florida, and most particularly in Miami -Dade County; and WHEREAS, since 1993, the number of sub -prime loans have increased tenfold; and WHEREAS, Black and Hispanic individuals of low and moderate income who refinance their homes are three times more likely than their Caucasian counterparts to receive sub -prime loans; and WHEREAS, the mortgage brokerage and mortgage lending industry is regulated by the Florida Statutes and the Florida Administrative Code; and CITY C4�12-TISSION frIEETING2 OF OCT hesoluUon WHEREAS, it is imperative that all regulations be strictly enforced by the Department of Banking and Finance to prohibit such predatory practices; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. Governor Jeb Bush and the State of Florida Department of Banking and Finance are hereby urged to take all steps necessary to enforce all regulatory provisions of the Florida Statutes and Florida Administrative Code to prohibit the home mortgage industry's predatory lending practices, particularly as such practices negatively affect minorities and those individuals of low to moderate income. Section 3. The City Clerk is hereby directed to transmit a copy 'of this Resolution to Governor Jeb Bush, Lieutenant Governor Frank T. Brogan, President of the Florida Senate Toni Jennings, Speaker of the Florida House of Representatives John Thrasher, all members of the Dade County Legislative Delegation, and State Comptroller Robert Milligan, Department of Banking and Finance. Page 2 of 3 Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.!/ PASSED AND ADOPTED this 12th _,day of October 2000. JOE CAROLLO, MAYOR In accordance with Miami Code Sec. 2-36, since the M d'd not indicate a^provnl of this lc. is':a:'on by regarding regarding same, without the 811-0 vA10e ATTEST: NJ: It �r WALTER J. FOEMAN CITY CLERK APPROVED-AS/1'0, FORM &jJD CORRECTNESS :t/ DRO %bvrL ATTORNEY 4768:BSS Clork If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. Page 3 of 3 t--�,r v� CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Vice Chairman Wifredo Gort & Honorable Citv Commission FROM: Arthur Teele Jr.. Commissioner. District DATE : October 12. 2000 FILE SUBJECT:Cj c='V^A%-� ru� Va- o� REFERENCES: � SaL (� ,LcwJ ENCLOSURES: wv Please be advised I will be brinain�g up the attached resolutioi�out of pocket at today's Commission Meeting. Thank you. 0- 8a"