Babaamaajimowinan (Telling of news in different places)

Fort Belknap company officials agree to cease lending in settlement

Minnesota settles with IMDG CEO; suits against company move forward in other states

The Fort Belknap Indian Community’s short-term lending companies will have to cease operations in Minnesota, according to a settlement two officials of the companies’ parent company reached with the Minnesota Attorney General’s Office.

A federal judge in Minnesota signed off on the agreement Tuesday, kicking off a timeline by which Island Mountain Development Group officials will have to provide the Attorney General’s Office with any information about existing loans given to Minnesotans, stop collecting any extra interest, and cease operations for at least four months, and possibly longer.

Attorney General Keith Ellison had sued the CEO and chairman of the reservation’s economic development company, Island Mountain Development Group, in October, accusing the company and its subsidiary short-term lending companies of violating state and federal consumer protection and usury laws by giving out and collecting on loans with exorbitant interest rates.

https://ictnews.org/news/fort-belknap-company-officials-agree-to-cease-lending-in-settlement

 

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