“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 outside of the bounds of this legislation. As we’ve reported before, a growing quantity of online payday lenders have recently tried affiliations with indigenous American tribes in an attempt to use 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 could keep making loans with illegally-high rates of interest without having to be held in charge of breaking state laws that are usury.