A U.S. District Court recently ruled that ny can stop lenders that are payday making loans, even if those loans are originated from tribal workplaces outside nyc. This ruling expanded the stateвЂ™s jurisdiction over lenders to tribal sovereign enterprises. It is not just inconsistent with Supreme Court precedent; it attacks the very idea of tribal sovereignty.
In August, brand New YorkвЂ™s Department of Financial Services Superintendent Benjamin Lawsky issued a ceaseвЂђвЂ‹andвЂђвЂ‹desist purchase to tribal lenders performing company with New York residents regarding the basis that their loans violated brand New YorkвЂ™s cap on interest levels. It could appear silly that Lawsky would try to stop a consensual contract between loan provider and debtor, however you canвЂ™t blame him in excess. Continue reading