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Arkansas attorney general settles on alleged illegal payday loan scheme

LITTLE ROCK, Ark. (Legal Newsline) — Arkansas Attorney General Leslie Rutledge has announced her office has settled a consumer protection lawsuit against Western Sky Financial, CashCall Inc., WS Funding, Martin A. Webb and J. Paul Reddam that had alleged the entities conspired to offer illegal payday loans.

The defendants purportedly offered payday loans with interest rates as high as 342 percent, which violates state law. Western Sky attempted to allege that, because it identifies as a Native American tribal entity, it is protected by tribal sovereign immunity. The state charged, however, that Western Sky is not protected because it is not owned or operated by a tribe. Additionally, consumers in Arkansas not on tribal lands used the website to apply for loans.

http://legalnewsline.com/stories/510940501-arkansas-attorney-general-settles-on-alleged-illegal-payday-loan-scheme

 

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