Editor’s Note: On Friday, each and every day following this tale went along to press, the Oklahoma tribe and its particular president filed an appeal in Connecticut state court.
Connecticut recently slammed the entranceway on an Oklahoma Indian tribe’s tries to ply needy residents with ultra-high-interest “payday loans” via the world wide web, 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 regulations.
In another of his last functions before retiring as state banking commissioner, Howard F. Pitkin on Jan. 6 released an opinion that tagged as baseless claims because of the Otoe-Missouria tribe and its particular tribal chairman so it has “tribal sovereignty” to grant loans at under $15,000 with interest of 200 per cent to 450 percent, despite the fact that such personal lines of credit state law that is violate. [Read more…]