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HOUSE JOINT RESOLUTION


 
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    WHEREAS, The United States is experiencing one of the worst 
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economic downturns in its history; and

 
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    WHEREAS, Loans were made to individuals and businesses 
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indiscriminately, and often without regard for whether the 
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borrower was capable of repaying the loan; and

 
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    WHEREAS, Hundreds of millions of dollars have been lost by 
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small businesses, which has forced many businesses to close 
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because they are unable to repay their loans; and

 
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    WHEREAS, Thousands of people have lost their homes through 
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foreclosure because they could not pay the mortgages on their 
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homes; and

 
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    WHEREAS, Usury laws that were once common in this State 
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have been repealed; therefore, be it
 
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    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE 
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NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE 
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SENATE CONCURRING HEREIN, that there is created the Usury 
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Investigation Task Force consisting of 6 members appointed as 
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follows: one Senator chosen by the Senate President, who shall 
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be a co-chairperson, one Representative chosen by the Speaker 
 


 






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of the House of Representatives, who shall be a co-chairperson, 
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one Senator chosen by the Senate Minority Leader, one 
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Representative chosen by the House Minority Leader, one member 
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chosen by the Governor, and one member from the lending 
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business community chosen by the co-chairpersons; and be it 
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further

 
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    RESOLVED, That the Task Force shall compile information on 
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the following issues, as well as others it deems necessary:
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        (1) the revival of laws prohibiting usury through 
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    appropriate legislation;
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        (2) the effect usury legislation would have on 
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    consumers' and borrowers' rights; and
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        (3) any potential harm that would come to consumers and 
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    borrowers as a result of not passing legislation that 
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    concerns usury; and be it further

 
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    RESOLVED, That in order to gather all necessary 
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information, the Task Force shall solicit expert testimony and 
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public opinion through a series of public hearings; and be it 
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further

 
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    RESOLVED, That the Task Force shall prepare a report and 
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file it with the General Assembly  no later than July 1, 2010 
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detailing the issues raised and the policy recommendations it 
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deems necessary, if any, as well as outlining the next steps 
 


 






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for further study of the issues.