indianz.com your internet resource indianz.com on facebook indianz.com on twitter indianz.com on Google+ indianz.com on soundcloud
phone: 202 630 8439
Kill The Tobacco Master Settlement Agreement
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...
Stay Connected:
On Facebook

On Twitter

On Google+

On SoundCloud
Local Links:
Federal Register | Indian Gaming | Jobs & Notices | In The Hoop | Message Board
Latest News:
Standing Rock Sioux Tribe sees strong support at pipeline hearing (8/24)
Judge takes aim at Ute Tribe after being kicked off sovereignty suit (8/24)
Lakota Country Times: County seeks compensation for trust lands (8/24)
Native Sun News: Sage remains a special plant for Native peoples (8/24)
Jim Kent: Republicans in South Dakota whine about Black Elk Peak (8/24)
Matthew Fletcher: The Supreme Court and Indian Child Welfare Act (8/24)
Kayla DeVault: Navajo Nation must take a stand on Dakota Access (8/24)
Meskwaki author Ray Young Bear wins award for poetry collection (8/24)
Puyallup Tribe acquires golf course within reservation boundaries (8/24)
Pauma Band might finally see $33.6M payment from gaming case (8/24)
Oneida Nation sends even more gaming revenues to communities (8/24)
Cheyenne River Sioux Tribe seeks prayers ahead of pipeline hearing (8/23)
Second run scheduled to raise awareness of Gold King Mine disaster (8/23)
U.S. Sentencing Commission continues work of tribal advisory group (8/23)
Chemehuevi Tribe wins decision barring county from citing members (8/23)
Lakota Country Times: Oglala Sioux Tribe joins fight against pipeline (8/23)
Native Sun News: Mario Gonzales moves from ball court to law court (8/23)
Brandon Ecoffey: The Horse Nations prepare for battle over pipeline (8/23)
Steven Newcomb: Standing Rock Sioux Tribe challenges domination (8/23)
Simon Moya-Smith: Hillary Clinton remains silent amid pipeline feud (8/23)
Sheriff mistook sacred pipes for pipe bombs at pipeline protest site (8/23)
Charles Carlyle: Issues to consider when doing business with tribes (8/23)
Choctaw Nation starts work on expansion of casino by Texas border (8/23)
Judge rules against Miccosukee citizen in gaming per capita dispute (8/23)
Seneca Nation stopped paying $17M a year for casino police service (8/23)
First Nations ratify agreement for seventh casino in Saskatchewan (8/23)
Tribes prepare for critical hearing in Dakota Access Pipeline lawsuit (8/22)
Hillary Clinton lands more tribal leader endorsements in New Mexico (8/22)
Donald Trump picks Navajo man for agriculture advisory committee (8/22)
Laguna Pueblo signs deal to acquire commercial casino in Louisiana (8/22)
Mark Trahant: Pipeline fight highlights power of political organizing (8/22)
Lakota Country Times: Tribes unite to stop Dakota Access Pipeline (8/22)
Native Sun News: Black Elk Peak honors sanctity of Black Hills site (8/22)
Vi Waln: Our water system is being threatened by energy pipelines (8/22)
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.