Connecticut probes Oklahoma tribe’s pay day loan companies. A judge recently remanded the problem returning to the division.

Connecticut probes Oklahoma tribe’s pay day loan companies. A judge recently remanded the problem returning to the division.

An Oklahoma Indian tribe that the Connecticut Department of Banking claims operates two high-interest loan operations to make the most of strapped metropolitan residents, has won at the very least a wait in its battle www.yourloansllc.com/installment-loans-ia against imposition of $800,000 in charges.

As the tribe views the present state Superior Court ruling as being a victory, it’ll be up to your banking division to consider other dilemmas and determine whether or not to pursue further.

A judge recently remanded the problem back once again to the division. In the event that division really wants to pursue its situation contrary to the Otoe Missouria Tribe, of Red Rock in north-central Oklahoma, Banking Commissioner Jorge Perez would need to investigate further the links amongst the two businesses, Great Plains Lending, LLC and Clear Creek Lending.

The businesses have already been offering alleged pay day loans of between $100 and $2,000 — at interest levels of over 400 per cent.

State law limits rates of interest to 12 % for loans under $15,000. Continue reading “Connecticut probes Oklahoma tribe’s pay day loan companies. A judge recently remanded the problem returning to the division.”