(205 ILCS 675/2) (from Ch. 17, par. 7002)
Sec. 2.
Findings and Declarations of Policy.
The General Assembly
hereby finds, determines and declares:
(a) That the economic strength of Illinois requires strong and effective
financial institutions in Illinois;
(b) That in order to cultivate the economic strength of the financial
institutions in Illinois, it is necessary to strengthen job opportunities
so as to encourage Illinois financial institutions to expand in Illinois
and to attract new financial institutions to Illinois;
(c) That Illinois is losing existing jobs and future job opportunities
in Illinois financing institutions because of an adverse regulatory climate
involving consumer revolving credit laws;
(d) That the State has a responsibility to create a beneficial climate
for new and improved job opportunities for its citizens with financial
institutions of all kinds by encouraging the growth and strengthening of
Illinois financial institutions;
(e) That in order for Illinois financial institutions to provide the
jobs and business opportunities for the citizens of Illinois, the
restrictions on consumer revolving credit plans must be modernized and
made competitive with those offered to financial institutions located in
other states who in turn provide their services in direct competition with
the Illinois financial institutions;
(f) That without this modernization, Illinois financial institutions
will reduce the existing job opportunities in Illinois and no longer look
to Illinois as a good place to do business and to expand and grow.
(Source: P.A. 85-1432.)
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