§ 15.1-8. Same—Unlawful practices by lending institutions; deposit of city funds in such institutions.

(a)

It shall be unlawful for any bank, savings and loan institution, credit union, insurance company or other person regularly engaged in the business of making mortgages or other loans for the purchase, construction, improvement, or repair or maintenance of dwellings to deny such a loan to a person applying therefor, or discriminate against him or her in the fixing of the down payment, interest rate, duration or other terms or conditions of such a loan, because of the race, color, religious creed, national origin or sex of such person, or of any member, stockholder, director, officer or employee of such person, or of the prospective occupants, lessees or tenants, of the dwelling or dwellings in relation to which the application for a loan is made.

(b)

It shall be unlawful for the city treasurer or any city governmental official whose responsibility it is to account for, to invest or to manage public funds to deposit or cause to be deposited any public funds in any lending institution provided for herein which is found to be committing discriminatory practices, where such findings were upheld by the court. Upon a court's judicial enforcement of any order to restrain a practice of such lending institution or for said institution to cease or desist in a discriminatory practice, if the treasurer has funds deposited in any lending institution which is practicing discrimination, as set forth herein, he shall take immediate steps to have the funds withdrawn and redeposited in another lending institution. If for reasons of sound economic management this action will result in a financial loss to the city, the action may be deferred for a period not longer than one (1) year. If the lending institution in question has corrected its discriminatory practices, any prohibition set forth in this section shall not be applicable.

(Ord. No. 3168-84)

(Ord. No. 3168-84)