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.

http://www.ctnewsjunkie.com/archives/entry/oklahoma-based_tribe_wins_sovereign_immunity_argument_in_latest_court_proce/