“Tribal Immunity” May No Longer Be a Get-Out-of-Jail Free Card for Payday Lenders
Payday lenders aren’t anything or even imaginative within their quest to work beyond your bounds of this law. As we’ve reported before, an escalating quantity of online payday lenders have recently wanted affiliations with Native American tribes in order to make use of the tribes’ unique appropriate status as sovereign countries. This is because 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 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.
Inspite of the emergence that is increasing of lending, ” there is no publicly-available research associated with the relationships between loan providers and tribes—until now. Public Justice is very happy to announce the book of a thorough, first-of-its type report that explores both the general public face of tribal financing and also the behind-the-scenes arrangements. Funded by Silicon Valley Community Foundation, the report that is 200-page entitled “Stretching the Envelope of Tribal Sovereign Immunity?: a study regarding the Relationships Between on line Payday Lenders and Native United states Tribes. ” Into the report, we attempt to evaluate every available way to obtain information that may shed light in the relationships—both advertised and actual—between payday loan providers and tribes, centered on information from court public records, pay day loan internet sites, investigative reports, tribal user statements, and several other sources. Continue reading ““Tribal Immunity” May No Longer Be a Get-Out-of-Jail Free Card for Payday Lenders”