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 doorway on an Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest “payday loans” via online, a move which includes exposed a brand new portal to 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 released 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 per cent, despite the fact that such personal lines of credit violate state legislation.
And also if their operations that are paydayn’t appropriate in Connecticut, the tribe’s “sovereign immunity,” they allege, shields them from $1.5 million in civil charges and a set of cease-and-desist instructions hawaii levied against it and their frontrunner. Continue reading “CT ruffles tribal feathers with online loan ban that is payday”