Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Montana Senator Sheds Light on Chippewa Cree’s Plain Green Loans


Because of growing restrictions on payday loans, banks and payday lenders are teaming up with American Indian businesses. Indian country offers a loophole, sovereign immunity, that shields companies from the U.S. government’s mandated interest rate caps and other payday-loan regulations. Indian country lenders can even issue loans in states where lawmakers have booted out the payday-loan industry.

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