Editor’s Note: On Friday, every single day following this tale went along to press, the Oklahoma tribe and its own president filed an appeal in Connecticut state court.
Connecticut recently slammed the doorway for an Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest вЂњpayday loansвЂќ via the net, a move which includes exposed a portal that is new the appropriate debate over whether or otherwise not Indian tribes must follow state consumer-lending guidelines.
In just one 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 own tribal president so it has вЂњtribal sovereigntyвЂќ to grant loans for under $15,000 with interest of 200 % to 450 %, despite the fact that such personal lines of credit state law that is violate.
As well as if their payday operations aren’t appropriate in Connecticut, the tribe’s вЂњsovereign resistance,” they allege, shields them from $1.5 million in civil charges and a set of cease-and-desist instructions hawaii levied against it and their frontrunner. Continue reading “CT ruffles tribal feathers with online pay day loan ban”