Tribal loan providers claim straight to charge 448% on loans in CT

Tribal loan providers claim straight to charge 448% on loans in CT

An Oklahoma tribe as well as its allies are fighting a appropriate, marketing 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 rules.

Performing on consumer complaints, their state Department of Banking last autumn imposed a $700,000 fine and ordered two on-line loan providers owned because of the Otoe-Missouria tribe of Red Rock, Okla., to stop making little, short-term loans to Connecticut borrowers at yearly interest rates as high as 448.76 %.UTF8[……]

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