Oklahoma regulators looking at tribal payday lending firms

Monday, January 30, 2012  

Regulators and law enforcement officials in Oklahoma say they are still looking at payday lending companies owned by the Modoc Tribe and the Miami Nation.

The tribes operate on the Internet but the state lacks jurisdiction over them. Nevertheless, the state attorney general and the Department of Consumer Credit are "monitoring" the situation, a spokesperson told The Oklahoman.

The Better Business Bureau in Tulsa said it has received about 2,000 complaints against the two tribal businesses. State Sen. Rick Brinkley (R), who works with the BBB, says the tribes are charging high interest rates and fees.

Get the Story:
Tribe-owned lending companies collect thousands of complaints (The Oklahoman 1/29)

Only nine complaints unresolved against tribal loan firms (10/25)
Two tribes in Oklahoma hit with complaints over payday lending (9/27)