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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 needy residents with ultra-high-interest “payday loans” via the net, a move which has had opened a brand new portal to the appropriate debate over whether or perhaps not Indian tribes must follow state consumer-lending guidelines.

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