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Getting Nj-new Jersey to Divest from Payday Lending. NJ Citizen Action states having state pension investment spent, also indirectly

Getting Nj-new Jersey to Divest from Payday Lending. NJ Citizen Action states having state pension investment spent, also indirectly

NJ Citizen Action claims having state pension investment spent, also indirectly, in a type of lending unlawful within the state cannot stand.

Whenever Phyllis Salowe-Kaye discovered that the brand new Jersey State Investment Council had spent $50 million state retirement bucks with an exclusive equity company which used a few of the funds to buy a predatory payday loan provider, she experienced the proverbial roof. The longtime professional manager of brand new Jersey Citizen Action quickly assembled a strong coalition of customer security and civil legal rights advocates and started applying strain on the payment to offer its stake into the company. Payday financing is unlawful in nj-new jersey and she considered the application of state bucks to shop for a payday lender, at ab muscles least, a breach of ethics and conflict of interest when it comes to payment.

The state investment commission announced at its monthly meeting that it had finalized its divestiture from JLL Partners, the private equity firm that purchased Ace Cash Express on Jan. 27, 2016, almost 10 months after the NJCA’s initial inquiry.