Sovereign Immunity - Are we safe?
Date: Fri, 02/25/2011 - 11:19
http://mail.indianz.com/News/2011/000467.asp
http://www.marketwatch.com/story/payday-lenders-join-with-indian-tribes-2011-02-09
http://dailycaller.com/2011/02/22/the-free-market-bandits/
http://www.denverpost.com/opinion/ci_17355660
One statement I have seen repeatedly:
Because of the sovereign immunity granted to tribes by the U.S. government, they are shielded from interest-rate caps and other payday-loan regulations. Tribal lenders can even lend in the 12 U.S. states where lawmakers have kicked out the rest of the payday-loan industry.
UGH, UGH, UGH!!! Please say it isn't so! :confused:
Well, one of these outfits gave me a loan a while back and I'm i
Well, one of these outfits gave me a loan a while back and I'm in a State where PDLs aren't allowed. On their website they even had printed "testimonials" from "satisfied customers" in my State! they have no right to lend here but as far as I understand it, if they have their address on Indian tribal lands, they're supposedly immune from prosecution. However, again as I'm understanding it, if they lend to you KNOWING they're illegal in your State, they legally can't come after you to collect their money. I agree, something should be done about these outfits but unfortunately the laws that protect the Indian people on these lands also protect the bottomfeeder PDLs who have their address there.
that's exactly right parachutec.while they are not subject to US
that's exactly right parachutec.while they are not subject to US law.we are not subject to theirs.i have yet to see one instance of one of these"tribal loans taking someone to court.i have seen wage assignments faxed to a person's employer,but those are a voluntary instrument and revocable.thease places never get court ordered garnishments.not once have these places done anything except call and be stupid with their threats.
The Colorado Gazette posted an article about this in Feb 2011.
The Colorado Gazette posted an article about this in Feb 2011. The writer expressed the same thing, as well as the [FONT=Arial][SIZE=2][COLOR=black]Assistant Commissioner - Administration[/COLOR][/SIZE][/FONT] [FONT=Arial][SIZE=2][COLOR=black]Office of the Commissioner of Financial Regulation from the State of Maryland in a reply to an email Inquiry I sent them. Although I live in CA I was researching what could be done. They both state the borrower cannot make them abide by the Federal and State laws but the lenders then cannot use the Federal and State Courts to collect the debt. The Gazette writer even said to take a loan and stiff them immediately, lol. Unfortunately I can't get back the $1,000 I overpaid but I can tell them where to go concerning the balance they claim I owe.
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