Payday loan providers aren’t anything or even imaginative in their quest to use beyond your bounds for the legislation. As we’ve reported before, an ever-increasing wide range of online payday lenders have recently tried affiliations with indigenous American tribes in order to make use of the tribes’ unique appropriate status as sovereign countries. Associated with clear: genuine tribal companies are entitled to “tribal immunity, ” meaning they can’t be sued. If your payday loan provider can shield it self with tribal resistance, it may keep making loans with illegally-high interest levels without having to be held responsible for breaking state laws that are usury.
Inspite of the increasing emergence of “tribal lending, ” there is no publicly-available research associated with the relationships between loan providers and tribes—until now. Public Justice is happy to announce the book of a thorough, first-of-its sort report that explores both the general public face of tribal financing additionally the behind-the-scenes plans. Continue reading “Tribal Immunity” May No Longer Be a Get-Out-of-Jail Free Card for Payday Lenders