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CT ruffles tribal feathers with online advance loan ban
EditorвЂ™s Note: on, a after this story went to press, the Oklahoma tribe and its chairman filed an appeal in Connecticut state court friday day.
Connecticut recently slammed the doorway on an Oklahoma Indian tribeвЂ™s attempts to ply needy residents with ultra-high-interest вЂњpayday loansвЂќ via the world that is online a move which may have exposed a portal this is certainly brand new the right debate over whether or otherwise not Indian tribes must follow state consumer-lending guidelines.
In another of their final functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 released a viewpoint that tagged as baseless claims because of the Otoe-Missouria tribe and its tribal president so that it has вЂњtribal sovereigntyвЂќ to grant loans at under $15,000 with interest of 200 percent to 450 percent, despite the fact that such individual personal lines of credit violate state legislation. […]