freedom payday loans

CT ruffles tribal feathers with online loan ban that is payday

Editor’s Note: On Friday, for a basis that is daily this story went along to press, the Oklahoma tribe in addition to its president filed an appeal in Connecticut state court.

Connecticut recently slammed the doorway for an Oklahoma Indian tribe’s attempts to ply needy residents with ultra-high-interest “payday loans” via the world-wide-web, a move which includes exposed a portal this is certainly brand brand new the debate that is appropriate whether or else maybe maybe maybe not Indian tribes must follow state consumer-lending guidelines.

In just one of their final functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 released a viewpoint that tagged as baseless claims due to the Otoe-Missouria tribe and its tribal president therefore it has “tribal sovereignty” to grant loans at under $15,000 with interest of 200 percent to 450 per cent, despite the fact that such individual personal lines of credit state legislation that is violate.