Bill Text: IL HJR0014 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Creates the Usury Investigation Task Force to investigate creating new usury legislation and requires the task force to prepare a report for the General Assembly by July 1, 2010.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2009-05-30 - Referred to Assignments [HJR0014 Detail]
Download: Illinois-2009-HJR0014-Introduced.html
|
|
|||||||
| |||||||
| |||||||
| 1 | HOUSE JOINT RESOLUTION
| ||||||
| 2 | WHEREAS, The United States is experiencing one of the worst | ||||||
| 3 | economic downturns in its history; and
| ||||||
| 4 | WHEREAS, Loans were made to individuals and businesses | ||||||
| 5 | indiscriminately, and often without regard for whether the | ||||||
| 6 | borrower was capable of repaying the loan; and
| ||||||
| 7 | WHEREAS, Hundreds of millions of dollars have been lost by | ||||||
| 8 | small businesses, which has forced many businesses to close | ||||||
| 9 | because they are unable to repay their loans; and
| ||||||
| 10 | WHEREAS, Thousands of people have lost their homes through | ||||||
| 11 | foreclosure because they could not pay the mortgages on their | ||||||
| 12 | homes; and
| ||||||
| 13 | WHEREAS, Usury laws that were once common in this State | ||||||
| 14 | have been repealed; therefore, be it
| ||||||
| 15 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
| 16 | NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE | ||||||
| 17 | SENATE CONCURRING HEREIN, that there is created the Usury | ||||||
| 18 | Investigation Task Force consisting of 6 members appointed as | ||||||
| 19 | follows: one Senator chosen by the Senate President, who shall | ||||||
| 20 | be a co-chairperson, one Representative chosen by the Speaker | ||||||
| |||||||
| |||||||
| 1 | of the House of Representatives, who shall be a co-chairperson, | ||||||
| 2 | one Senator chosen by the Senate Minority Leader, one | ||||||
| 3 | Representative chosen by the House Minority Leader, one member | ||||||
| 4 | chosen by the Governor, and one member from the lending | ||||||
| 5 | business community chosen by the co-chairpersons; and be it | ||||||
| 6 | further
| ||||||
| 7 | RESOLVED, That the Task Force shall compile information on | ||||||
| 8 | the following issues, as well as others it deems necessary: | ||||||
| 9 | (1) the revival of laws prohibiting usury through | ||||||
| 10 | appropriate legislation; | ||||||
| 11 | (2) the effect usury legislation would have on | ||||||
| 12 | consumers' and borrowers' rights; and | ||||||
| 13 | (3) any potential harm that would come to consumers and | ||||||
| 14 | borrowers as a result of not passing legislation that | ||||||
| 15 | concerns usury; and be it further
| ||||||
| 16 | RESOLVED, That in order to gather all necessary | ||||||
| 17 | information, the Task Force shall solicit expert testimony and | ||||||
| 18 | public opinion through a series of public hearings; and be it | ||||||
| 19 | further
| ||||||
| 20 | RESOLVED, That the Task Force shall prepare a report and | ||||||
| 21 | file it with the General Assembly no later than July 1, 2010 | ||||||
| 22 | detailing the issues raised and the policy recommendations it | ||||||
| 23 | deems necessary, if any, as well as outlining the next steps | ||||||
| |||||||
| |||||||
| 1 | for further study of the issues.
| ||||||
