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CT ruffles tribal feathers with online pay day loan ban

CT ruffles tribal feathers with online pay day loan ban

On a day after this story went to press, the Oklahoma tribe and its chairman filed an appeal in Connecticut state court friday.

Connecticut recently slammed the entranceway for an prosper personal loans app Oklahoma Indian tribe’s attempts to ply needy residents with ultra-high-interest “payday loans” via the online world, a move that features opened a brand new portal to the appropriate debate over whether or perhaps not Indian tribes must follow state consumer-lending guidelines.

In another of their last functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 given an opinion that tagged as baseless claims by the Otoe-Missouria tribe and its particular tribal president so it has “tribal sovereignty” to grant loans for under $15,000 with interest of 200 % to 450 %, despite the fact that such personal lines of credit violate state legislation.

As well as if their operations that are paydayn’t appropriate in Connecticut, the tribe’s “sovereign resistance,” they allege, shields them from $1.5 million in civil charges and a couple of cease-and-desist instructions hawaii levied against it and their frontrunner. Continue reading CT ruffles tribal feathers with online pay day loan ban