Full Text of HJR0014 96th General Assembly
HJ0014 96TH GENERAL ASSEMBLY
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| HOUSE JOINT RESOLUTION
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| WHEREAS, The United States is experiencing one of the worst | 3 |
| economic downturns in its history; and
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| 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
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| 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
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| WHEREAS, Thousands of people have lost their homes through | 11 |
| foreclosure because they could not pay the mortgages on their | 12 |
| homes; and
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| 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| have been repealed; therefore, be it | 15 |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 |
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| 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
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| 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
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| 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
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| 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 |
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| for further study of the issues.
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