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

Penn. fights sovereign immunity defense for tribal-linked lender

 


Texas-based lender Think Finance should not be allowed to use "rent-a-tribe" partnerships with American Indians to gain protected legal status for an alleged predatory lending scheme, lawyers for the state of Pennsylvania told a federal judge.

In court papers filed Friday opposing the company's motion to dismiss, the state's attorney general's office said Think Finance and its affiliates were trying to hide behind tribal sovereign immunity to avoid liability for illegal payday loans that charged thousands of Pennsylvania residents interest rates topping 200 percent.

http://www.reuters.com/article/2015/10/13/thinkfinance-payday-idUSL1N12D0GE20151013

 

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