Payday lenders a new revenue stream for some in Indian Country
Thursday, February 10, 2011
Filed Under:
Business
|
Law
Payday lenders are a growing business in Indian Country, according to the Wall Street Journal.
Of the 300 companies making payday loans online, 35 are owned by tribes, a consultant to the industry said.
One of those is the
Modoc Tribe of Oklahoma.
"We don't want to brag," Chief Bill Follis told the Journal. "But it's good."
By incorporating on a reservation, a payday loan company can avoid state jurisdiction and state laws.
"We are largely powerless to stop them," said Colorado Attorney General John Suthers, who has been going after tribes who extend loans to Colorado residents.
Get the Story:
Payday Lenders Join With Indian Tribes
(The Wall Street Journal 2/10)
Related Stories:
Center: Payday lenders turning to tribes to
avoid state jurisdictions (2/7)
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