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

Oklahoma-Based Tribe Wins Sovereign Immunity Argument In Latest Court Proceeding


A Connecticut judge found that an Oklahoma-based tribe that owns two payday lending companies is immune from an enforcement action by the Banking Department.

The Banking Department imposed a $700,000 fine on Great Plains Lending LLC, a $100,000 fine on Clear Creek Lending, and a $700,000 fine on Otoe-Missouria John Shotton for violating the state’s small loan law by charging Connecticut borrowers annual interest rates ranging from 199.44 percent to 448.76 percent on short-term loans of less than $15,000. Loans for less than $15,000 are capped at 12 percent in Connecticut.


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