Let me make it clear about CT ruffles tribal feathers with online cash advance ban

Let me make it clear about CT ruffles tribal feathers with online cash advance ban

Editor’s Note: On Friday, every day following this tale went along to press, the Oklahoma tribe and its own president filed an appeal in Connecticut state court.

Connecticut recently slammed the doorway on an Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest “payday loans” via the web, a move who has exposed a portal that is new the appropriate debate over whether or otherwise not Indian tribes must follow state consumer-lending legislation.

In just one of their last functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 given an opinion that tagged as baseless claims by the Otoe-Missouria tribe and its own 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 state law that is violate. (más…)