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Some high-interest payday lenders have found unlikely allies: Native American tribes in the battle to shield themselves from lawsuits and government oversight.
In appropriate battles in Ca, brand new Mexico, western Virginia and Colorado, a team of Internet-based payday lenders have actually argued they truly are resistant from legal actions and legislation since they are “tribal enterprises.” They claim they enjoy tribal-nation sovereignty, that allows them to use state that is outside — also when they are making loans to non-Native People in the us residing definately not Indian lands.
State regulators and customer solicitors state that the lender-tribe marriages are ruses built to enable non-Native US businesses to skirt laws that are consumer-lending.