“Tribal Immunity” May No Longer Be a Get-Out-of-Jail Free Card for Payday Lenders
Payday loan providers aren’t anything or even imaginative inside their quest to work beyond your bounds regarding the legislation. As we’ve reported before, an escalating quantity of online payday lenders have recently desired affiliations with indigenous American tribes so that you can make use of the tribes’ unique status that is legal sovereign countries. This is because clear: genuine tribal companies are entitled to “tribal immunity, ” meaning they can’t be sued. If your payday loan provider can shield itself with tribal resistance, it may keep making loans with illegally-high rates of interest without having to be held responsible for breaking state laws that are usury.
Regardless of the emergence that is increasing of lending, ” there was clearly no publicly-available research regarding the relationships between loan providers and tribes—until now. Public Justice is happy to announce the book of a thorough, first-of-its sort report that explores both the public face of tribal financing therefore the behind-the-scenes plans. Continue Reading ->