Payday Lenders Join With Indian Tribes
The Wall Street Journal recently reported on an item of concern regarding payday lenders organizing on Native American tribes, taking advantage of tribal sovereign immunity to shield themselves from state interest rate caps. In Massachusetts, the state's small loan law effectively prevents payday lending by restricting the interest rate of small loans to a point where payday lenders cannot viably operate. This is an item on ongoing concern.
For the full text of the Wall Street Journal Article, click here: http://online.wsj.com/article/SB10001424052748703716904576134304155106320.html