HR0962 LRB093 22272 KEF 51289 r

1
HOUSE RESOLUTION

 
2     WHEREAS, The recently announced merger agreement between
3 JP Morgan Chase and Co. and Bank One Corporation raises
4 concerns about the role of major banks in the payday loan
5 industry; and
 
6     WHEREAS, Mega-bank mergers raise concerns about the
7 ability of the regulatory system to effectively regulate
8 behemoth banking institutions; and
 
9     WHEREAS, Banks in Illinois provide financing for payday
10 loan operations; and
 
11     WHEREAS, Alternatives to payday loans exist but are not
12 currently offered by major banks in Illinois; and
 
13     WHEREAS, The payday loan industry in Illinois has grown
14 exponentially in recent years; therefore, be it
 
15     RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
16 NINETY-THIRD GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that,
17 given the economic impact this proposed merger will have on the
18 Illinois economy, we urge the federal regulatory authorities to
19 only approve the merger with adequate conditions attached to
20 protect consumers and small businesses; and be it further
 
21     RESOLVED, That the banks of Illinois are called upon to
22 offer alternatives to payday loans; and be it further
 
23     RESOLVED, That the Treasurer of the State of Illinois is
24 urged to deny contracts for State deposits of monies with banks
25 that provide financing of payday loans.