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CT ruffles tribal feathers with online pay day loan ban

Connecticut recently slammed the doorway on an Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest “payday loans” via the online world, a move who has exposed a brand new portal to the appropriate debate over whether or otherwise not Indian tribes must follow state consumer-lending regulations.

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 because of the Otoe-Missouria tribe and its own tribal chairman so it has “tribal sovereignty” to grant loans for under $15,000 with interest of 200 % to 450 %, and even though such personal lines of credit state law that is violate. Continue reading »

Posted by Elena on 5 agosto, 2020 | Posted in Online Installment Loans With No Credit Check Mississippi | Comment