NJ Citizen Action claims having a continuing state pension fund spent, also indirectly, in a type of lending unlawful within the state cannot stand.
Whenever Phyllis Salowe-Kaye discovered that this new Jersey State Investment Council had spent $50 million state retirement bucks with a personal equity company which used a few of the funds to acquire a predatory payday loan provider, she experienced the proverbial roof. The longtime administrator manager of brand new Jersey Citizen Action quickly assembled a robust coalition of customer security and civil legal rights advocates and started using stress on the payment to market its stake into the company. Payday financing is unlawful in nj-new jersey and she considered the employment of state bucks to get a payday lender, at ab muscles least, a breach of ethics and conflict of interest for the payment. Read more