Full Text of HR0668 99th General Assembly
HR0668 99TH GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, In 2011, the Illinois General Assembly passed | 3 | | legislation increasing protections for
consumers who decide to | 4 | | take out payday loans; and
| 5 | | WHEREAS, The Illinois General Assembly continues to | 6 | | support legislation to make it more difficult for
predatory | 7 | | lenders to take advantage of persons and families across the | 8 | | State; and
| 9 | | WHEREAS, In 2005, the State Universities Retirement System | 10 | | invested in JLL Partners Fund V, LLC; and
| 11 | | WHEREAS, In 2006, JLL Partners Fund V, LLC purchased ACE | 12 | | Cash Express, Inc., a payday loan company,
which was found to | 13 | | be using illegal debt collection practices, including | 14 | | harassment and threats of
lawsuits against overdue borrowers to | 15 | | pressure them to borrow more; and
| 16 | | WHEREAS, The federal Consumer Financial Protection Bureau | 17 | | reached an agreement with ACE Cash
Express, Inc. to pay $10 | 18 | | million in civil penalties and financial restitution to its | 19 | | customers; and
| 20 | | WHEREAS, It is important for Illinois pension funds to be |
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| 1 | | invested in a way that reflects the priorities of
the State; | 2 | | therefore, be it
| 3 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 4 | | NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 5 | | the State Universities Retirement System review its | 6 | | investments in
JLL Partners Fund V, LLC and any other entity | 7 | | that supports small-dollar lenders, payday loans,
and | 8 | | predatory lenders; and be it further | 9 | | RESOLVED, That other Illinois pension systems, including, | 10 | | the State Employees' Retirement System,
the Judges' Retirement | 11 | | System, the General Assembly Retirement System, and the | 12 | | Teachers' Retirement System
review their investments in any | 13 | | entity that supports small-dollar lenders, payday loans,
and | 14 | | predatory lenders; and be it further | 15 | | RESOLVED, That on or before January 1, 2016, the State | 16 | | Universities Retirement System, State Employees' Retirement | 17 | | System,
the Judges' Retirement System, the General Assembly | 18 | | Retirement System, and the Teachers' Retirement System
shall | 19 | | each submit a report, which shall be made publicly available on | 20 | | the website of each retirement system, to the General Assembly | 21 | | and the Governor of its findings regarding any investment | 22 | | currently held by that retirement system in any entity that | 23 | | supports small-dollar lenders, payday loans,
and predatory |
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| 1 | | lenders, including any investment held in JLL Partners Fund V, | 2 | | LLC; and be it further | 3 | | RESOLVED, That we urge the State Universities Retirement | 4 | | System to divest from JLL Partners Fund V, LLC and any entity | 5 | | that supports small-dollar lenders, payday loans,
and | 6 | | predatory lenders; and be it further | 7 | | RESOLVED, That we urge the State Employees' Retirement | 8 | | System,
the Judges' Retirement System, the General Assembly | 9 | | Retirement System, and the Teachers' Retirement System to | 10 | | divest from any entity that supports small-dollar lenders, | 11 | | payday loans,
and predatory lenders; and be it further | 12 | | RESOLVED, That we urge the State Universities Retirement | 13 | | System, the State Employees' Retirement System, the Judges'
| 14 | | Retirement System, the General Assembly Retirement System, and | 15 | | the Teachers' Retirement System to develop
policies and | 16 | | procedures to prevent investments from being made in | 17 | | small-dollar lenders, payday loan lenders,
and predatory | 18 | | lenders in the future; and be it further
| 19 | | RESOLVED, That suitable copies of this resolution be | 20 | | delivered to the State Universities Retirement System, the | 21 | | State Employees' Retirement System, the Judges'
Retirement | 22 | | System, the General Assembly Retirement System, and the |
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| 1 | | Teachers' Retirement System.
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