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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.