Without a doubt about CT ruffles tribal feathers with online loan ban that is payday

Without a doubt about CT ruffles tribal feathers with online loan ban that is payday

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

Connecticut recently slammed the doorway for an Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest “payday loans” via the online world, a move that includes exposed a brand new portal to the appropriate debate over whether or perhaps not Indian tribes must follow state consumer-lending rules.

In another of their last functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 granted an opinion that tagged as baseless claims because of the Otoe-Missouria tribe and its own tribal chairman so it has “tribal sovereignty” to grant loans for under $15,000 with interest of 200 per cent to 450 %, and even though such personal lines of credit violate state legislation. Read more