OAKLAND, Calif. – The City of Oakland has become the first city in California to pass an anti-predatory lending ordinance to protect consumers from deceptive and abusive loan practices. The Oakland City Council unanimously approved an anti-predatory lending ordinance on July 24. The ordinance is scheduled for a second reading when the council returns from its recess on Sept. 11. The City of Sacramento is expected to vote on similar legislation in committee on Aug. 9, and San Francisco has expressed an interest in a similar ordinance as well.
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