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 entranceway for an Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest “payday loans” via the world-wide-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 laws and regulations.
In another 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 violate state legislation.
As well as if their operations that are paydayn’t appropriate in Connecticut, the tribe’s “sovereign resistance,” they allege, shields them from $1.5 million in civil charges and a set of cease-and-desist purchases their state levied against it and their frontrunner. (more…)