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Oklahoma tribe is fined for online lending that is payday

The best choice associated with Red Rock-based Otoe-Missouria Tribe and two Web payday loan providers it owns happen fined $1.5 million by banking regulators in Connecticut in making rate that is high-interest to residents here.

The Connecticut Department of Banking on Monday fined Tribal Chairman John Shotton $700,000 in making loans to Connecticut residents that violate caps on rates of interest here. The tribal payday lending businesses Great Plains Lending LLC and Clear Creek Lending LLC were fined $800,000.

The lending that is payday are included in a number of businesses the Otoe-Missouria Tribe functions, including a propane business, four gambling enterprises and a 900-acre cattle ranch.

The tribe had argued that its sovereignty that is tribal made payday financing organizations resistant to Connecticut state law. Continue reading