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Banking Department Says Tribal Payday Lending Companies Don’t Have…
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Connecticut’s Department of Banking has figured two payday financing businesses owned by the Otoe-Missouria Tribal Nation aren’t protected by sovereign resistance and will be pursued by the division for violating Connecticut’s lending laws. Banking Commissioner Jorge Perez concluded on May 6 that the 2 companies, Great Plains and Clear Creek, are not hands for the tribe and that its Chief John Shotton “does not need tribal sovereign resistance from either the financial charges or potential injunctive relief.”
The underlying allegation is that the businesses violated the state’s small loan law by charging Connecticut borrowers annual rates of interest https://guaranteedinstallmentloans.com/payday-loans-nm/ which range from 199.44 percent to 448.76 per cent on short-term loans of lower than $15,000. Loans at under $15,000 are capped at 12 percent in Connecticut. The Oklahoma tribe filed a motion previously this in New Britain Superior Court appealing the Banking Department’s ruling month.