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HR0962 |
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LRB093 22272 KEF 51289 r |
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| HOUSE RESOLUTION
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| WHEREAS, The recently announced merger agreement between |
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| JP Morgan Chase and Co. and Bank One Corporation raises |
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| concerns about the role of major banks in the payday loan |
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| industry; and
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| WHEREAS, Mega-bank mergers raise concerns about the |
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| ability of the regulatory system to effectively regulate |
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| behemoth banking institutions; and
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| WHEREAS, Banks in Illinois provide financing for payday |
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| loan operations; and
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| WHEREAS, Alternatives to payday loans exist but are not |
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| currently offered by major banks in Illinois; and
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| WHEREAS, The payday loan industry in Illinois has grown |
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| exponentially in recent years; therefore, be it
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| RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE |
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| NINETY-THIRD GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that, |
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| given the economic impact this proposed merger will have on the |
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| Illinois economy, we urge the federal regulatory authorities to |
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| only approve the merger with adequate conditions attached to |
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| protect consumers and small businesses; and be it further
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| RESOLVED, That the banks of Illinois are called upon to |
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| offer alternatives to payday loans; and be it further
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| RESOLVED, That the Treasurer of the State of Illinois is |
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| urged to deny contracts for State deposits of monies with banks |
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| that provide financing of payday loans.
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