H  O  U  S  E     R  E  S  O  L  U  T  I  O  N

CREATING A SPECIAL HOUSE COMMISSION TO STUDY INTERNET LENDING

RESOLVED, That a special house commission be and the same is hereby created consisting of fifteen (15) members: three (3) of whom shall be from the house of representatives, not more than two (2) from the same political party, to be appointed by the Speaker; one of whom shall be the chairperson of the Rhode Island Bar Association, Title Standards Committee, or designee; one of whom shall be a Rhode Island Mortgage Broker, to be appointed by the Speaker; one of whom shall be the Chairperson of the Rhode Island Bankers' Association, or designee; one of whom shall be the director of the Department of Business Regulation or designee; one of whom shall be appointed from the membership of the Rhode Island Mortgage Bankers' Association, by its chairperson; one of whom shall be a representative of a Title Insurance Company, to be appointed by the Speaker; one of whom shall be an attorney whose practice is concentrated in real estate conveyances, to be appointed by the Speaker; one of whom shall be a representative from a local credit bureau, to be appointed by the Speaker; one of whom shall be a duly licensed Rhode Island real estate appraiser, to be appointed by the Speaker; and one of whom shall be an individual with internet lending experience, to be appointed by the Speaker, one of whom shall be the Executive Director of the Rhode Island Housing and Mortgage Finance Corporation, or designee; and one of whom shall be the President of the Rhode Island Credit Union League, or designee.

In lieu of any appointment of a member of the legislature to a permanent advisory commission, a legislative study commission, or any commission created by a general assembly resolution, the appointing authority may appoint a member of the general public to serve in lieu of a legislator, provided that the majority leader or the minority leader of the political party which is entitled to the appointment consents to the appointment of the member of the general public.

The purpose of said commission shall be to study internet lending.

Forthwith upon passage of this resolution, the members of the commission shall meet at the call of the Speaker of the house and organize and shall select from among the legislators a chairperson. Vacancies in said commission shall be filled in like manner as the original appointment.

The membership of said commission shall receive no compensation for their services.

All departments and agencies of the state shall furnish such advice and information, documentary and otherwise, to said commission and its agents as is deemed necessary or desirable by the commission to facilitate the purposes of this resolution.

The Speaker of the house is hereby authorized and directed to provide suitable quarters for said commission; and be it further

RESOLVED, That the commission shall report its findings and recommendations to the House of Representatives on or before January 4, 2001 and said commission shall expire on March 4, 2001.