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CT ruffles tribal feathers with online pay day loan ban

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 online world, a move which have exposed a brand new portal to the appropriate debate over whether or otherwise not Indian tribes must follow state consumer-lending legislation.

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 own 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 state law that is violate.

As well as if their operations that are paydayn’t appropriate in Connecticut, the tribe’s ???sovereign immunity,” they allege, shields them from $1.5 million in civil charges and a set of cease-and-desist requests their state levied against it and their frontrunner. The tribe claims Connecticut’s as well as other states’ consumer-protection regulations cannot bar it from pursuing enterprises that generate earnings and jobs for tribal people. More…