“Tribal Immunity” May No Longer Be a Get-Out-of-Jail Free Card for Payday Lenders

“Tribal Immunity” May No Longer Be a Get-Out-of-Jail Free Card for Payday Lenders

Payday loan providers aren’t anything or even innovative within their quest to work beyond your bounds associated with legislation. As we’ve reported before, a growing amount of online payday lenders have recently wanted affiliations with indigenous American tribes in an attempt to make use of the tribes’ unique status that is legal sovereign countries. Associated with clear: genuine tribal companies are entitled to “tribal immunity, ” meaning they can’t be sued. If a payday loan provider can shield it self with tribal immunity, it could keep making loans with illegally-high rates of interest without having to be held responsible for breaking state usury guidelines. Continue reading →