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1
HOUSE RESOLUTION

 
2    WHEREAS, In 2011, the Illinois General Assembly passed
3legislation increasing protections for consumers who decide to
4take out payday loans; and
 
5    WHEREAS, The Illinois General Assembly continues to
6support legislation to make it more difficult for predatory
7lenders to take advantage of persons and families across the
8State; and
 
9    WHEREAS, In 2005, the State Universities Retirement System
10invested in JLL Partners Fund V, LLC; and
 
11    WHEREAS, In 2006, JLL Partners Fund V, LLC purchased ACE
12Cash Express, Inc., a payday loan company, which was found to
13be using illegal debt collection practices, including
14harassment and threats of lawsuits against overdue borrowers to
15pressure them to borrow more; and
 
16    WHEREAS, The federal Consumer Financial Protection Bureau
17reached an agreement with ACE Cash Express, Inc. to pay $10
18million in civil penalties and financial restitution to its
19customers; and
 
20    WHEREAS, It is important for Illinois pension funds to be

 

 

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1invested in a way that reflects the priorities of the State;
2therefore, be it
 
3    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
4NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
5the State Universities Retirement System review its
6investments in JLL Partners Fund V, LLC and any other entity
7that supports small-dollar lenders, payday loans, and
8predatory lenders; and be it further
 
9    RESOLVED, That other Illinois pension systems, including,
10the State Employees' Retirement System, the Judges' Retirement
11System, the General Assembly Retirement System, and the
12Teachers' Retirement System review their investments in any
13entity that supports small-dollar lenders, payday loans, and
14predatory lenders; and be it further
 
15    RESOLVED, That on or before January 1, 2016, the State
16Universities Retirement System, State Employees' Retirement
17System, the Judges' Retirement System, the General Assembly
18Retirement System, and the Teachers' Retirement System shall
19each submit a report, which shall be made publicly available on
20the website of each retirement system, to the General Assembly
21and the Governor of its findings regarding any investment
22currently held by that retirement system in any entity that
23supports small-dollar lenders, payday loans, and predatory

 

 

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1lenders, including any investment held in JLL Partners Fund V,
2LLC; and be it further
 
3    RESOLVED, That we urge the State Universities Retirement
4System to divest from JLL Partners Fund V, LLC and any entity
5that supports small-dollar lenders, payday loans, and
6predatory lenders; and be it further
 
7    RESOLVED, That we urge the State Employees' Retirement
8System, the Judges' Retirement System, the General Assembly
9Retirement System, and the Teachers' Retirement System to
10divest from any entity that supports small-dollar lenders,
11payday loans, and predatory lenders; and be it further
 
12    RESOLVED, That we urge the State Universities Retirement
13System, the State Employees' Retirement System, the Judges'
14Retirement System, the General Assembly Retirement System, and
15the Teachers' Retirement System to develop policies and
16procedures to prevent investments from being made in
17small-dollar lenders, payday loan lenders, and predatory
18lenders in the future; and be it further
 
19    RESOLVED, That suitable copies of this resolution be
20delivered to the State Universities Retirement System, the
21State Employees' Retirement System, the Judges' Retirement
22System, the General Assembly Retirement System, and the

 

 

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1Teachers' Retirement System.