“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

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

Payday loan providers aren’t anything or even imaginative within their quest to work beyond your bounds associated with the legislation. As we’ve reported before, a growing wide range of online payday lenders have recently tried affiliations with indigenous American tribes so that you can use 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 resistance, it may keep making loans with illegally-high interest levels without being held in charge of breaking state usury guidelines. Read more