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quick money, often to pay back taxes or missed mortgage payments.
He forced borrowers to put up their houses as collateral, typically through quitclaim deeds, which gave Kandi immediate rights to the property if they defaulted.
"In plain English Emiel Kandi is out of business," said state Rep. Steve Kirby, D Tacoma.
Rep. Troy Kelley, D Tacoma, who co sponsored the bill, said it "corrects a loophole in existing state law that allowed unscrupulous lenders to take advantage of people who needed a loan simply to ride out these tough times."
The bill also would prevent a lender from forcing a borrower to sign a quitclaim deed at the time of the loan or in advance of any default. It also would prohibit the lender from obtaining a release from the borrower for any future damages and penalties language Kandi frequently used in his loan documents.
commercial and private loans.
But after the bill was introduced, DFI found 36 complaints over the past two years that specifically dealt with borrowers being required to use their residences as collateral on private high interest loans.
The November story highlighted how Kandi operated a loan scheme that took advantage of loopholes in the state's consumer protection laws by describing his loans as "commercial."
State takes aim at practices of loan 'wolf'
Basically, such loans would be mortgages, which have certain protections for borrowers, including a 25 percent interest rate cap. Lenders would be required to disclose fees, interest and penalties.
The legislation would ban Kandi and other commercial lenders from using a primary residence as collateral for a loan if they are not licensed mortgage lenders.
Kirby introduced HB 1405 after reading a Seattle Times investigation into Kandi's unscrupulous business practices that, in the lawmaker's eyes, amounted to "stealing people's homes."
A Puyallup man lost his house, which he owned free and clear, to Kandi after the man couldn't keep up with the monthly payments on a $17,000 loan.
Commercial loans, also called "hard money" loans, are unlike mortgages because they do not have interest rate caps, consumer protections and full disclosure of all costs.
DFI has said it didn't know how prevalent hard money lending problems were in the state, primarily because it doesn't regulate Vans High Tops Blue
to be stopped in his tracks by legislation heading to the Governor's Office for a signature.
The bill, which passed both the House and Senate with little opposition, would amend the Consumer Loan Act.
Kandi then made it impossible for the borrowers to pay back the loans and he snatched their homes.
For example, Christine Provost, of Lakewood, Pierce County, borrowed $240,000 from Kandi, thinking it was a 14 percent interest loan. But the loan had an undisclosed 90 percent interest rate, with $26,400 in origination fees, and was due, in full, in 60 days. She lost her home within several weeks.
Kandi handed out confusing, high interest loans to borrowers who needed Vans On Feet Tumblr
Emiel Kandi, Vans Navy Sk8 Hi a lender of last resort for homeowners down on their luck, admitted he charged borrowers as much as he could get away with. He also made it clear that if they missed a payment he'd take their homes, explaining, "I am a wolf."
But the Tacoma area businessman is about Vans Atwood Black
"It's high time predatory lenders were regulated," said David Leen, a lawyer who helped Provost get her house back and win damages from Kandi. "It's going to save a lot of homes."
"The benefit is that people's most valuable asset where they live will be protected in a way that it hasn't been before," said Deb Bortner, director of Consumer Services for the state Department of Financial Institutions (DFI), which regulates banking and mortgage lending.
A Times examination of numerous Kandi loan deals showed they were set up so he could quickly take borrowers' homes and, in some cases, flip them for a profit. State regulators at the time said there was little they could do.
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