indianz.com your internet resource indianz.com on facebook indianz.com on twitter indianz.com on Google+
ph: 202 630 8439   fax: 202 318 2182
Dynamic Homes
Advertise on Indianz.Com
Home > News > Headlines
Print   Subscribe
Blog: State actions take toll on Indian payday loan industry

Filed Under: Business | Law | National
More on: immunity, internet, payday loans
   

States are raising the stakes in the battle against the online loan industry:
The states where payday lenders don't operate have generally enacted a simple 36% APR cap on loans. Payday lenders say the fee on their short term loans would be so small at that rate that it isn't worth doing business in those states. The cap more or less serves as a ban on payday lending.

The Internet has allowed payday lenders to skirt these bans in some respects. If a consumer in a state where payday lending is banned goes online to take out a loan, the lender is physically outside the state's jurisdiction.

Now there are signs that the states are upping the ante, showing a serious determination to cut off payday lending at its source. In early August Benjamin M. Lawsky, New York's Superintendent of Financial Services, sent letters to 35 payday loan companies directing them to cease and desist offering and making usurious payday loans in New York by the Internet or any other means.

Lawsky said New York's ongoing investigation has shown that these companies have charged New York consumers for payday loans with interest rates many times the legal limit. He further warned debt collectors not to try to collect these loans if consumers refuse to pay them back.

Get the Story:
Mark Huffman: State actions against payday lenders prove effective (Consumer Affairs 8/28)

Related Stories:
Western Sky Employees: Fighting for our voices to be heard (8/28)
Indian online lender lays off employees and cuts new loans (8/27)
New York sues online lender operated by Cheyenne River man (08/13)
Center: Indian Country payday lenders face increased scrutiny (8/9)
New York tells Indian Country payday firms to stop business (8/6)


Copyright © Indianz.Com
More headlines...
Local Links:
Federal Register | Indian Gaming | Jobs & Notices | In The Hoop | Message Board
Latest News:
Tim Giago: Oglala Sioux people aren't afraid to say no to easy cash (9/1)
Native Sun News: Release of secret uranium mining data ordered (9/1)
Mark Trahant: It's past time for tribal leaders to govern the nation (9/1)
Jennie Stockle: A safe space for opponents of offensive mascotry (9/1)
John Christian Hopkins: A big thank you to the friend I never met (9/1)
National Museum of the American Indian celebrates 10th birthday (9/1)
Mother arrested in connection with child's death on Navajo Nation (9/1)
Opinion: Energy development can help secure tribal independence (9/1)
Cherokee Nation announces $170M casino and retail development (9/1)
Tunica-Biloxi Tribe won't be sharing gaming revenues this quarter (9/1)
Seminole Tribe on track to see gaming revenues increase to $2.1B (9/1)
Eastern Shawnee Tribe to reopen gaming facility in February 2015 (9/1)
Editorial: Tohono O'odham Nation didn't play by 'rules' with casino (9/1)
Opinion: Gaming good for Eastern Cherokees but not for fellow tribe (9/1)
Opinion: Federal recognition only means more casinos in California (9/1)
Native Sun News: Tribes walk out of contract support cost meeting (8/29)
Clara Caufield: Northern Cheyenne Tribe spends $2.4M on property (8/29)
Mike Johanns: Retracing steps of great Ponca Chief Standing Bear (8/29)
Steven Newcomb: Racist mascot a sign of deeper problems in US (8/29)
Lauren Jones: Affordable Care Act benefits Native Americans too (8/29)
Gila River Indian Community to see $77.6M from Cobell buy-back (8/29)
Energy boom linked to rise in human trafficking in Indian Country (8/29)
Navajo man heads up Native American Homelessness Task Force (8/29)
9th Circuit hears case over Yakama Nation tobacco manufacturer (8/29)
WAER: ICWA matters handled in 'kangaroo courts' in South Dakota (8/29)
MPR: Red Lake Nation opposes liquor license near dry reservation (8/29)
Tule River Tribe helps remove marijuana operation on reservation (8/29)
Omaha Tribe signs agreement with EPA to improve utility services (8/29)
Las Vegas Paiute Tribe rejected 'gift' from NFL team's foundation (8/29)
KPLU: Spokane Tribe maintains close ties with baseball franchise (8/29)
Opinion: HUD loan program a small step to boost Indian housing (8/29)
DNA study finds distinct population of Native people in Arctic area (8/29)
Tribes closely watching Big Lagoon Rancheria casino land dispute (8/29)
Tohono O'odham Nation to build off-reservation casino in phases (8/29)
State questions Forest County Powatatomi Tribe's slot machines (8/29)
Quapaw Tribe eyes local support for commercial casino in Kansas (8/29)
Native Sun News: Police officers who shot Indian teen get medals (8/28)
Cara Cowan Watts: Laying the groundwork for college scholarship (8/28)
Rudolph Ryser: Indigenous nations need leverage to bring change (8/28)
DOI extends $100M in Cobell buy-back offers on two reservations (8/28)
Cobell buy-backs could return over 38K acres to tribe in Montana (8/28)
Five-year-old Navajo boy sent home from school for his long hair (8/28)
Three charged with murder for death of Mississippi Choctaw man (8/28)
Lummi Nation seeks cooperation after ruling in treaty rights case (8/28)
Artist Gregg Deal takes on Indian mascots for performance piece (8/28)
Sports announcer won't use Washington NFL team's name on air (8/28)
Recruiter from Spokane Tribe's college selected for Peirone Prize (8/28)
California tribes support release of water to benefit salmon runs (8/28)
Southern Ute Tribe invests $2B in big energy production system (8/28)
County hires lobbying firm to oppose federal recognition reforms (8/28)
Tohono O'odham Nation breaks ground for off-reservation casino (8/28)
Cherokee Nation starts construction on casino at Indian allotment (8/28)
Aquinnah Wampanoag Tribe responds to opponents in casino suit (8/28)
Jamul Band continues work on $360M casino after victory in court (8/28)
Editorial: Forest County Potawatomi Tribe ups ante in casino feud (8/28)
Ho-Chunk Nation launches outreach effort amid casino expansion (8/28)
Nebraska Supreme Court hears arguments over gaming initiative (8/28)
Tim Giago: Greedy lawyers and government ruin Cobell settlement (8/27)
Native Sun News: Facility in Montana set to house Indian inmates (8/27)
Gerald Gipp: National strategy needed to reform Indian education (8/27)
more headlines...

Home | Arts & Entertainment | Business | Canada | Cobell Lawsuit | Education | Environment | Federal Recognition | Federal Register | Forum | Health | Humor | Indian Gaming | Indian Trust | Jack Abramoff Scandal | Jobs & Notices | Law | National | News | Opinion | Politics | Sports | Technology | World

Indianz.Com Terms of Service | Indianz.Com Privacy Policy
About Indianz.Com | Advertise on Indianz.Com

Indianz.Com is a product of Noble Savage Media, LLC and Ho-Chunk, Inc.