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 on an Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest “payday loans” via the web, a move which has exposed a brand new portal to the appropriate debate over whether or otherwise not Indian tribes must follow state consumer-lending laws and regulations.
In just one of his last functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 granted an opinion that tagged as baseless claims by the Otoe-Missouria tribe and its own tribal chairman it has “tribal sovereignty” to grant loans for under $15,000 with interest of 200 per cent to 450 per cent, despite the fact that such personal lines of credit state law that is violate. Continue reading “CT ruffles tribal feathers with online pay day loan ban”