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

Thursday, September 10th, 2020

“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 inside their quest to use outside of the bounds associated with the legislation. As we’ve reported before, an ever-increasing wide range of online payday lenders have recently wanted 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 your payday loan provider can shield itself with tribal resistance, it could keep making loans with illegally-high interest levels without having to be held in charge of breaking state laws that are usury. (more…)