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The 2004 state legislative year is filled with issues of concern for the financial services industry.
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A poll conducted at the end of 2003 revealed a majority of people oppose the state legislation if it means a reduction in their choices as borrowers.
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On January 26, 2004 New York City Mayor Michael Bloomberg and AFSA, as a co-plaintiff, won a summary judgment in the lawsuit against the New York City Council.
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In a strong showing which may indicate the Court's recognition of the importance of the issues raised, the California Supreme Court on December 23 agreed to hear the AFSA case against Oakland.
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Ohio Court Restores Cleveland Ordinance
In an apparent show of deference for the City of Cleveland in the case of AFSA v. Cleveland, on January 15 the Appeals Court restored Cleveland's ordinance. Thus, the Ordinance it is effective, pending the ongoing appeal. Though surprised by this ruling given the strong momentum in favor of state preemption of municipal ordinances in this area in the state of Ohio, we do not interpret this action as an indication of how the Appellate Court will ultimately rule on the merits of the case. The court's decision will have an effect on those companies which have either resumed operations in Cleveland, or had been gearing back up to do so.
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