CT ruffles tribal feathers with online pay day loan ban

CT ruffles tribal feathers with online pay day loan ban

Connecticut recently slammed the entranceway for an Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest “payday loans” via the world-wide-web, a move which has had exposed a portal that is new the appropriate debate over whether or otherwise not Indian tribes must follow state consumer-lending legislation.

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

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