CT ruffles tribal feathers with online loan ban that is payday

CT ruffles tribal feathers with online loan ban that is payday

CT ruffles tribal feathers with online loan ban that is payday

Editor’s Note: On Friday, on a daily basis following this tale went along to press, the Oklahoma tribe as well as its president that is particular filed appeal in Connecticut state court.

Connecticut recently slammed the doorway on an Oklahoma Indian tribe’s attempts to ply needy residents with ultra-high-interest “payday loans” via the internet, a move who may have exposed a fresh portal to your appropriate debate over whether or perhaps not Indian tribes must follow state consumer-lending legislation.

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 by the Otoe-Missouria tribe and its tribal president so that it has “tribal sovereignty” to grant loans for less than $15,000 with interest of 200 % to 450 per cent, even though such personal lines of credit violate state legislation. Read more of this post