Ritchie, Leech Lake Band of Ojibwe to sign joint sovereign agreement
St. Paul, MN — Minnesota Secretary of State Mark Ritchie will sign the Joint Sovereign Filing Systems Joint Powers Agreement with the Leech Lake Band of Ojibwe on Friday, Oct.21 in the State Capitol Rotunda at 2 p.m.
This Uniform Commercial Code (UCC) joint powers agreement will help reduce lending barriers American Indian tribes, tribal entities, tribal member-owned businesses, and American Indian consumers encounter when seeking financing by creating a legal infrastructure for securing transactions with off-reservation commercial lenders and businesses.
“This joint powers agreement will allow members of the Leech Lake Community to more easily access capital and provide greater economic opportunities beneficial to our whole state,” said Secretary Ritchie.
Once signed, the Leech Lake Band of Ojibwe will have access to Minnesota’s Uniform Commercial Code (UCC) filing system which will serve as the registry for tribal liens. By using the state’s UCC system lenders would be assured of stability and security within tribal loan practices and laws.
“Tribal leaders from Leech Lake, the National Conference of Commissioners on Uniform State Laws, the Federal Reserve Bank of Minneapolis and the Minnesota Indian Business Alliance have worked tirelessly to craft this historic agreement that will encourage new business development and employment growth. This is a very positive step forward for all Minnesotans,” concluded Secretary Ritchie.