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Payday Lending: Boon or Boondoggle for Tribes?

Payday Lending: Boon or Boondoggle for Tribes?

Previously this week, the Washington Post published a fascinating piece profiling the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a tiny indigenous American tribe that fundamentally went in to the cash advance Bolivar payday loans business in a pursuit of much-needed capital for tribal federal government. Exactly what the content does not point out is the fact that some supposedly “tribal” payday loan providers aren’t really run by—or for the advantage of—an real tribe.

Native American tribes are sovereign countries as well as in some circumstances are resistant from obligation under state legislation. It’s the vow of the Wild West free from federal federal government legislation and beyond your reach associated with civil justice system which have drawn loan providers towards the “tribal sovereign” model.

An number that is increasing of businesses are affiliating by themselves with tribes so that you can make use of the tribes’ sovereign immunity from state law—a trend that threatens the liberties of both tribes and consumers. Continuer la lecture de Payday Lending: Boon or Boondoggle for Tribes?