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CT ruffles tribal feathers with online loan ban that is payday

Editor’s Note: 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 Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest “payday loans” via the world-wide-web, a move that includes opened a portal that is new the appropriate debate over whether or perhaps not Indian tribes must follow state consumer-lending regulations.

In just one of their last functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 issued an opinion that tagged as baseless claims by the Otoe-Missouria tribe as well as its tribal president so it has “tribal sovereignty” to grant loans for under $15,000 with interest of 200 per cent to 450 %, and even though such personal lines of credit state law that is violate.

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 sales their state levied against it and their frontrunner. Continue reading CT ruffles tribal feathers with online loan ban that is payday