Let me make it clear about CT ruffles tribal feathers with online loan ban that is payday

Let me make it clear about CT ruffles tribal feathers with online loan ban that is payday

Editor’s Note: On Friday, each and every day following this tale went along to press, the Oklahoma tribe and its particular president filed an appeal in Connecticut state court.

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

In just one of their last functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 granted an opinion that tagged as baseless claims because of 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. Continue reading “Let me make it clear about CT ruffles tribal feathers with online loan ban that is payday”