Lenders Become a Bigger Target in Chicago

Christopher Carmichael and Francis Keldermans are Partners in our Chicago office

Proposed Ordinance Could Require Lenders to Post Security Guards at Empty Properties Near Schools – Will Other Cities Across the U.S. Follow Suit?

Capitalizing on the wave of discontent against banks, two members of the Chicago City Council are proposing an ordinance that could require lenders to post security guards at empty homes, commercial buildings or other properties they own near schools – or face fines of up to $1,000 per violation. The ordinance would apply to "owners" of five or more buildings and require the posting of a daytime guard at any vacant building within 1,000 yards of a public school and night guards at all vacant buildings.