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House Concurrent Resolution 21

Partial Bill History

Bill Text

PAG LIN
  1  1           HOUSE CONCURRENT RESOLUTION NO.    
  1  2          BY  CHIODO, JACOBS, RAECKER, HANSEN,
  1  3                        and HUSER
  1  4 A Concurrent Resolution providing for the establishment
  1  5    of a committee by the legislative council to conduct
  1  6    a study of predatory or subprime lending practices.
  1  7    WHEREAS, the loosening of federal banking and other
  1  8 financial regulations since the 1980s has led to the
  1  9 development of "fringe banking" services such as
  1 10 "payday" lenders that often exploit consumers with
  1 11 limited resources, low credit ratings, and short-term
  1 12 cash-flow problems by lending small dollar amounts at
  1 13 high rates of interest, until the borrower receives a
  1 14 paycheck; and
  1 15    WHEREAS, there were fewer than 300 payday lending
  1 16 outlets nationwide in 1992, and there are now more
  1 17 than 9,000 outlets, with at least 100 new locations
  1 18 opening every month; and
  1 19    WHEREAS, an increasing number of states, including
  1 20 Iowa, are considering the enactment of additional
  1 21 financial regulations regarding abuses of consumers by
  1 22 these fringe banking services; NOW THEREFORE,
  1 23    BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES, THE
  1 24 SENATE CONCURRING, That the legislative council is
  1 25 requested to appoint an interim study committee to
  1 26 conduct a comprehensive study of certain alternative
  1 27 consumer lending practices and businesses including,
  1 28 but not limited to, check cashing outlets, payday loan
  1 29 companies, high-cost first and second mortgages,
  1 30 subprime auto loans, and other short-term lending
  2  1 practices utilizing excessive fees and rates of
  2  2 interest; and
  2  3    BE IT FURTHER RESOLVED, That the interim study
  2  4 committee shall be composed of 10 members consisting
  2  5 of members from both political parties and both houses
  2  6 of the Iowa general assembly; and
  2  7    BE IT FURTHER RESOLVED, That the interim committee
  2  8 is authorized to meet on five days and at least one of
  2  9 these days shall be set aside for the purpose of
  2 10 holding a public hearing to receive oral or written
  2 11 testimony from the general public regarding consumer
  2 12 lending practices; and
  2 13    BE IT FURTHER RESOLVED, That the committee shall be
  2 14 staffed by the legislative service bureau and the
  2 15 legislative fiscal bureau, and any other state agency
  2 16 shall provide such information and assistance as
  2 17 deemed necessary by the committee.  The committee
  2 18 should begin its deliberations following the
  2 19 adjournment of the 2001 session of the general
  2 20 assembly and shall issue its findings and
  2 21 recommendations in a final report delivered to the
  2 22 general assembly no later than November 15, 2001.  
  2 23 LSB 1590HH 79
  2 24 jj/cf/24.1
     

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