CT ruffles tribal feathers with online payday loan ban
EditorвЂ™s Note: on, a day following this tale went along to press, the Oklahoma tribe and its particular president filed an appeal in Connecticut state court friday.
Connecticut recently slammed the doorway on an Oklahoma Indian tribeвЂ™s attempts to ply needy residents with ultra-high-interest вЂњpayday loansвЂќ via the planet web that is wide a move which include exposed a portal this is certainly brand new the right debate over whether or maybe not Indian tribes must follow state consumer-lending guidelines.
In one of their final functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 provided a viewpoint that tagged as baseless claims due to the Otoe-Missouria tribe as well as tribal president so that it has вЂњtribal sovereigntyвЂќ to grant loans at under $15,000 with interest of 200 per cent to 450 percent, even though such individual personal lines of credit violate state legislation.
And in addition if their payday operations arenвЂ™t appropriate in Connecticut, the tribeвЂ™s вЂњsovereign resistance,вЂќ they allege, shields them from $1.5 million in civil fees and a collection of cease-and-desist product sales their state levied against it and their frontrunner. (more…)Learn More