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Connecticut probes Oklahoma tribe’s pay day loan companies

Connecticut probes Oklahoma tribe’s pay day loan companies

An Oklahoma Indian tribe that the Connecticut Department of Banking claims runs two loan that is high-interest to make the most of strapped metropolitan residents, has won at the very least a wait in its battle against imposition of $800,000 in penalties.

Even though the tribe views the present state Superior Court ruling as a victory, it’ll be up into the banking division to consider other problems and determine whether or not to pursue further.

A judge recently remanded the presssing problem back again to the division. In the event that division would like to pursue its instance from the Otoe Missouria Tribe, of Red Rock in north-central Oklahoma, Banking Commissioner Jorge Perez would need to investigate further the links involving the two businesses, Great Plains Lending, LLC and Clear Creek Lending.

The businesses have already been providing alleged pay day loans of between $100 and $2,000 — at interest levels of over 400 %.

State legislation limits interest levels to 12 per cent for loans under $15,000.

Payday lenders generally provide little, short-term loans with little to no or no security, frequently to metropolitan dwellers and low-income residents whom reside from paycheck to paycheck.

Although the tribe contends their federal sovereign resistance protects them through the state, the department claims the entities, which charge interest including 199 per cent to 420 per cent on loans, reach beyond the tribal defenses.

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