According to Councilwoman Basia Adamczak, Youngstown City Council decided Wednesday night to send the proposal to regulate predatory land contracts back to the Community Planning and Economic Development Committee.
She says council wants to look further into what YNDC and ACTION want added to it.
The current proposal would require any property sold under a “land installment contract” to have a home inspection and title search.
What YNDC and ACTION officials are demanding to be added is an appraisal and a minimum $5,000 penalty paid by the company to the victims of predatory contracts.
“It’s unfortunate because people do fall victim to predatory lending so it’s definitely an issue that we do have here in Youngstown that we do need to solve. But at the same time, there’s those landlords that are good and diligent landlords that we need to make sure are protected as well. So that’s why we need to come back together and have conversation,” Adamczak said.
Adamczak says after the proposed law is reworked with the law director and the groups involved, there will be a public hearing before city council takes a final vote.
She says within the next week or so the committee will meet to finalize the language and discuss when the public hearing will happen.