An Oklahoma tribe and its own allies are fighting an appropriate, marketing and social-media war in Connecticut, claiming the right as a sovereign federal government to make unlicensed short-term loans at astronomical rates of interest in defiance of state usury laws and regulations.
Performing on consumer complaints, hawaii Department of Banking last autumn imposed a $700,000 fine and ordered two online loan providers owned by the Otoe-Missouria tribe of Red Rock, Okla., to stop making little, short-term loans to Connecticut borrowers at yearly rates of interest as high as 448.76 per cent.
Connecticut caps such loans at 12 percent.
Now, a national group that is conservative the tribe is counterattacking having a billboard and a social-media campaign that attracts Gov. Read more