Bill Text: IL HR0668 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Directs 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 review their investments and submit a report regarding any investment currently held in any entity that supports small-dollar lenders, payday loans, and predatory lenders; urges 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; urges 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; urges 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-07-28 - Referred to Rules Committee [HR0668 Detail]
Download: Illinois-2015-HR0668-Introduced.html
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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, In 2011, the Illinois General Assembly passed | ||||||
| 3 | legislation increasing protections for
consumers who decide to | ||||||
| 4 | take out payday loans; and
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| 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
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| 9 | WHEREAS, In 2005, the State Universities Retirement System | ||||||
| 10 | invested in JLL Partners Fund V, LLC; and
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| 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
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| 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
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| 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
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| 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
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| 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
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| 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
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| 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
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| 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
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| 12 | RESOLVED, That we urge the State Universities Retirement | ||||||
| 13 | System, the State Employees' Retirement System, the Judges'
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| 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
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| 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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