HR0668 99TH GENERAL ASSEMBLY

HR0668 LRB099 13257 MST 37167 r

HOUSE RESOLUTION

WHEREAS, In 2011, the Illinois General Assembly passed legislation increasing protections for consumers who decide to take out payday loans; and

WHEREAS, The Illinois General Assembly continues to support legislation to make it more difficult for predatory lenders to take advantage of persons and families across the State; and

WHEREAS, In 2005, the State Universities Retirement System invested in JLL Partners Fund V, LLC; and

WHEREAS, In 2006, JLL Partners Fund V, LLC purchased ACE Cash Express, Inc., a payday loan company, which was found to be using illegal debt collection practices, including harassment and threats of lawsuits against overdue borrowers to pressure them to borrow more; and

WHEREAS, The federal Consumer Financial Protection Bureau reached an agreement with ACE Cash Express, Inc. to pay $10 million in civil penalties and financial restitution to its customers; and

WHEREAS, It is important for Illinois pension funds to be invested in a way that reflects the priorities of the State; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that the State Universities Retirement System review its investments in JLL Partners Fund V, LLC and any other entity that supports small-dollar lenders, payday loans, and predatory lenders; and be it further

RESOLVED, That other Illinois pension systems, including, the State Employees' Retirement System, the Judges' Retirement System, the General Assembly Retirement System, and the Teachers' Retirement System review their investments in any entity that supports small-dollar lenders, payday loans, and predatory lenders; and be it further

RESOLVED, That on or before January 1, 2016, the State Universities Retirement System, State Employees' Retirement System, the Judges' Retirement System, the General Assembly Retirement System, and the Teachers' Retirement System shall each submit a report, which shall be made publicly available on the website of each retirement system, to the General Assembly and the Governor of its findings regarding any investment currently held by that retirement system in any entity that supports small-dollar lenders, payday loans, and predatory lenders, including any investment held in JLL Partners Fund V, LLC; and be it further

RESOLVED, That we urge the State Universities Retirement System to divest from JLL Partners Fund V, LLC and any entity that supports small-dollar lenders, payday loans, and predatory lenders; and be it further

RESOLVED, That we urge the State Employees' Retirement System, the Judges' Retirement System, the General Assembly Retirement System, and the Teachers' Retirement System to divest from any entity that supports small-dollar lenders, payday loans, and predatory lenders; and be it further

RESOLVED, That we urge the State Universities Retirement System, the State Employees' Retirement System, the Judges' Retirement System, the General Assembly Retirement System, and the Teachers' Retirement System to develop policies and procedures to prevent investments from being made in small-dollar lenders, payday loan lenders, and predatory lenders in the future; and be it further

RESOLVED, That suitable copies of this resolution be delivered to the State Universities Retirement System, the State Employees' Retirement System, the Judges' Retirement System, the General Assembly Retirement System, and the Teachers' Retirement System.