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“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 innovative within their quest to use away from bounds associated with the law. As we’ve reported before, an ever-increasing quantity of online payday lenders have recently desired affiliations with indigenous American tribes in an attempt to website here use the tribes’ unique status that is legal sovereign countries. This is because 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 rates without getting held in charge of breaking state usury rules.