“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 lenders aren’t anything if not innovative within their quest to work away from bounds regarding the legislation. As we’ve reported before, a growing quantity of online payday lenders have recently wanted affiliations with indigenous American tribes so that you can 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 your payday loan provider can shield itself with tribal resistance, it could keep making loans with illegally-high interest levels without getting held in charge of breaking state usury rules. Continue reading ““Tribal Immunity” May No Longer Be a Get-Out-of-Jail Free Card for Payday Lenders”