An Oklahoma tribe and its allies are fighting a appropriate, advertising and social-media war in Connecticut, claiming the right being a government that is sovereign make unlicensed short-term loans at astronomical interest levels in defiance of state usury laws and regulations.

An Oklahoma tribe and its allies are fighting a appropriate, advertising and social-media war in Connecticut, claiming the right being a government that is sovereign make unlicensed short-term loans at astronomical interest levels in defiance of state usury laws and regulations.

Tribal Lenders Claim Directly To Charge 448% On Loans In CT

Performing on consumer complaints, their state Department of Banking last autumn imposed a $700,000 fine and ordered two online loan providers owned because of the Otoe-Missouria tribe of Red Rock, Okla., to cease making tiny, short-term loans to Connecticut borrowers at yearly interest levels as much as 448.76 per cent. (more…)

Continue ReadingAn Oklahoma tribe and its allies are fighting a appropriate, advertising and social-media war in Connecticut, claiming the right being a government that is sovereign make unlicensed short-term loans at astronomical interest levels in defiance of state usury laws and regulations.