CT ruffles tribal feathers with online cash advance ban

CT ruffles tribal feathers with online cash advance ban

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 for an Oklahoma Indian tribe’s tries to ply top payday loan needy residents with ultra-high-interest “payday loans” via the online world, a move that features opened a portal that is new the appropriate debate over whether or otherwise not Indian tribes must follow state consumer-lending laws and regulations.

In just one of his last functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 given an opinion that tagged as baseless claims because of the Otoe-Missouria tribe and its particular tribal president so it has “tribal sovereignty” to grant loans at under $15,000 with interest of 200 % to 450 per cent, despite the fact that such personal lines of credit violate state legislation. Continue reading “CT ruffles tribal feathers with online cash advance ban”