HOUSE JOINT RESOLUTION NO. 167 Offered January 9, 2008 Prefiled January 9, 2008 Directing the Virginia Housing Commission to study the problem of vacant residential units in densely populated urban areas. Report. ---------- Patron-- Melvin ---------- Committee Referral Pending ----------

WHEREAS, the existence of vacant and abandoned residential properties is a national phenomenon; and

WHEREAS, rapid growth on the fringes of many metropolitan regions has drawn development from urban cores and inner-ring suburbs, leaving abandoned buildings and vacant properties; and

WHEREAS, this phenomenon takes many forms, including houses left behind because of suburban migration, the movement of job centers, and industrial downsizing; and

WHEREAS, downtown areas that once thrived socially, culturally, and economically have suffered increasingly from the large areas of abandoned and vacant residential properties that exist within their boundaries; and

WHEREAS, the increasingly profound effects of vacant residential properties and land not cared for by the owners in densely populated urban areas lead to lower tax revenues, higher municipal costs, the presence of dangerous structures, and serious environmental and public health consequences; now, therefore, be it

RESOLVED by the House of Delegates, the Senate concurring, That the Virginia Housing Commission be directed to study the problem of vacant residential units in densely populated urban areas.

In conducting its study, the Virginia Housing Commission shall also (i) quantify the socio-economic impact on densely populated urban areas of abandoned and vacant residential buildings on adjacent property, localities, and the Commonwealth and (ii) consider the importance of the rights of absent property owners versus the rights of property owners who live in the locality.

All agencies of the Commonwealth shall provide assistance to the Virginia Housing Commission for this study, upon request.

The Virginia Housing Commission shall complete its meetings by November 30, 2008, and the chairman shall submit to the Division of Legislative Automated Systems an executive summary of its findings and recommendations no later than the first day of the 2009 Regular Session of the General Assembly. The executive summary shall state whether the Virginia Housing Commission intends to submit to the General Assembly and the Governor a report of its findings and recommendations for publication as a House or Senate document. The executive summary and report shall be submitted as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports and shall be posted on the General Assembly's website.

HOUSE JOINT RESOLUTION NO. 168 Offered January 9, 2008 Prefiled January 9, 2008 Directing the Joint Legislative Audit and Review Commission to study the payday lending industry in the Commonwealth. Report. ---------- Patron-- Sickles ---------- Committee Referral Pending ----------

WHEREAS, the General Assembly in 2002 enacted legislation authorizing the conduct of payday lending in the Commonwealth; and

WHEREAS, the payday loan industry has grown from a $165 million business in 2002 to more than $1 billion worth of transactions in 2005; and

WHEREAS, there are approximately 750 authorized payday loan outlets throughout the Commonwealth; and

WHEREAS, the payday lending industry asserts that payday lending fills a need for credit that saves consumers the costs associated with late fees and bad check charges; and

WHEREAS, opponents assert that the payday lending industry traps many borrowers into a cycle of high interest rate debt; and

WHEREAS, the General Assembly may enact legislation in the 2008 Session that provides for the establishment of a database to track payday lending activities and provide a mechanism to ensure that lenders make payday loans that comply with requirements of Virginia's Payday Loan Act; and

WHEREAS, the General Assembly would benefit from an analysis of the effects of payday lending in the Commonwealth; now, therefore, be it

RESOLVED by the House of Delegates, the Senate concurring, That the Joint Legislative Audit and Review Commission be directed to study the payday lending industry in the Commonwealth.

In conducting its study, the Joint Legislative Audit and Review Commission shall (i) examine the effectiveness of payday lending in meeting the credit needs of residents of the Commonwealth, (ii) if legislation is enacted in the 2008 Session of the General Assembly that provides for the establishment of a database for monitoring payday lending practices, examine the effects of the database on payday lending in the Commonwealth, and (iii) consider such other issues as it deems appropriate.

Technical assistance shall be provided to the Joint Legislative Audit and Review Commission by the Bureau of Financial Institutions of the State Corporation Commission. All agencies of the Commonwealth shall provide assistance to the Commission for this study, upon request.

The Joint Legislative Audit and Review Commission shall complete its meetings by November 30, 2009, and the Chairman shall submit to the Division of Legislative Automated Systems an executive summary of its findings and recommendations no later than the first day of the 2010 Regular Session of the General Assembly. The executive summary shall state whether the Commission intends to submit to the General Assembly and the Governor a report of its findings and recommendations for publication as a House or Senate document. The executive summary and report shall be submitted as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports and shall be posted on the General Assembly's website.