UPDATED 03/14/12 2:04 p.m.

CHICAGO (CBS) — The Chicago City Council approved an ordinance Wednesday that would crack down on unscrupulous tax preparers.

As WBBM Newsradio’s David Roe reports, the ordinance would require tax preparers to disclose all of their fees and provide a consumer bill of rights, the Chicago Tribune explains.

City Commissioner of Business Affairs and Consumer Protection Rosemary Krimbel says the ordinance takes aim at unscrupulous tax preparers who lure income tax filers to take out anticipation loans that carry exorbitant interest rates.

Krimbel tells the Tribune the unscrupulous preparers disproportionately target low-income communities.

Violation of the ordinance by a tax preparer would result in a fine of $250 to $750, the Tribune reported.

LISTEN: WBBM Newsradio’s David Roe reports