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:
Native Sun News: Great Plains tribes call for full contract funds (7/23)
Native Sun News: Candidate wants Obama to meet with tribes (7/23)
President Obama nominates Jonodev Chaudhuri to lead NIGC (7/23)
Native Sun News: Lakota War Path team wins world relay title (7/22)
Raina Thiele: Native youth participate in My Brother's Keeper (7/22)
Senate Committee on Indian Affairs looks into tribal gaming (7/22)
NIGC reports 'stable' growth in $28B tribal gaming industry (7/22)
Bail set at $5M for teens accused of murdering Navajo men (7/22)
Gyasi Ross: Indigenous children at border need to be heard (7/22)
Donna Ennis: Open border to indigenous sisters and children (7/22)
Jay Daniels: Land consolidation program isn't really working (7/22)
Mark Rogers: Reality of being an invisible Indian in New York (7/22)
Center: Report outlines harmful effects of 'Indian' mascots (7/22)
Yurok Tribe combats illegal marijuana farms on reservation (7/22)
County drops opposition to CSKT land-into-trust application (7/22)
Native youth hospitalized after being shot by police officer (7/22)
University of California welcomes Native youth to campus (7/22)
Unsettled: Questions linger on Passamaquoddy leadership (7/22)
WCAI: Mashpee Wampanoag Tribe won't join Plymouth 400 (7/22)
Opinion: Oglala Sioux Tribe could benefit from new currency (7/22)
Al Jazeera: Organization celebrates Black-Indian heritages (7/22)
First Nations leader in Manitoba faces scrutiny on spending (7/22)
Members of remote tribe receive care before heading home (7/22)
Coeur d'Alene Tribe axes Ted Nugent at casino over racism (7/22)
Menominee Nation outlines need for off-reservation casino (7/22)
Wyandotte Nation off-reservation casino lawsuit dismissed (7/22)
Editorial: Progress on Tohono O'odham Nation gaming plan (7/22)
Tim Giago: Treat alcoholism and drug addictions as diseases (7/21)
Charles Trimble: No longer a Wannabee with Oglala tribal ID (7/21)
Doug George-Kanentiio: Mohawk Nation endures 800+ years (7/21)
Native Sun News: Tribes seek final judgment in ICWA dispute (7/21)
Native Sun News: Paper takes home awards at NAJA meeting (7/21)
Travis Armstrong: Newspaper unfairly targets Morongo Band (7/21)
James Rawlings: Connecticut tries to deny tribal recognition (7/21)
Ryan Bellerose: Indigenous people win with truth on our side (7/21)
Opinion: Warfare caused genocide among New England tribes (7/21)
Editorial: A landmark decision for tribal sovereignty in Alaska (7/21)
Al Jazeera: Advocates seek inclusion of Alaska tribes in VAWA (7/21)
Teens accused of killing homeless Navajo men in New Mexico (7/21)
Shoni Schimmel earns most valuable player at WNBA All-Stars (7/21)
Daily Beast: Native lacrosse players encounter racism on field (7/21)
James Garner, actor with Cherokee heritage, passes on at 86 (7/21)
More people turn in human remains to Washington authorities (7/21)
Lytton Band donates $1M to bolster land-into-trust application (7/21)
Unsettled Ch. 23: Passamaquoddy leader indicted for stealing (7/21)
Man awaits trial for slaying of Chitimacha Tribe's police officer (7/21)
Editorial: No rubes at Quechan Nation in saying no to NFL team (7/21)
Wyandotte Nation agrees with dismissal of casino site lawsuit (7/21)
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.