Payday lender can't hide behind American Indian tribe status, judge rules
CHARLESTON, W.Va. -- An Internet payday lender must comply with a state investigative subpoena into inflated loan interest rates despite the company's ties to a American Indian tribe, a Kanawha County judge ruled Wednesday.Several West Virginians lodged complaints with state Attorney General Darrell McGraw that the internet-based lender Lakota Cash was approving loans with higher than 700 percent interest.
State laws prevent payday lenders from establishing interest rates at more than 18 percent, Assistant Attorney General Norman Googel said.
"How do they get around our laws?" Googel said. "One way, is that they give out loans on the Internet."
Another loophole, which state officials say Lakota Cash owner Martin Webb was trying to employ, involves declaring that a company's affiliation with an American Indian tribe gives the business immunity from U.S. laws.
Webb is a member of the South Dakota-based Cheyenne River Sioux tribe, Googel said. The U.S. government considers American Indian tribes sovereign entities.
"Indian tribes are viewed as nations," Googel said. "You can't really sue another country."
In his ruling, Kanawha Circuit Judge Duke Bloom found that Webb's company was organized under the laws of South Dakota, not a tribal entity, and that the owner controlled the business individually.
He also said that Lakota Cash did not provide evidence that it operated for the benefit of Webb's tribe, as opposed to his individual benefit and profit. The loans, though processed over the Internet, were performed in West Virginia and not on a reservation, Bloom found.
McGraw began investigating the Internet payday lending industry in 2005, after receiving numerous complains from West Virginians claiming to have been victimized by loans with interest rates as high as 780 percent, according to a news release.
The office has settled lawsuits with 113 payday lenders, collection agencies, and affiliated service providers and yielded more than $2.75 million in refunds and canceled debts for about 8,500 consumers, the release states.
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Different states regulate payday loans differently. These regulations may result in smaller loan amounts, different loan terms and application procedures. Residents of Arkansas, Arizona, Georgia, Oregon and West Virginia are not eligible to apply for a
The loans, though processed over the Internet, were performed in West Virginia and not on a reservation, Bloom found. McGraw began investigating the Internet payday lending industry in 2005, after receiving numerous complains from West Virginians
It reports that borrowers are indebted for 160 days on average and that a typical Kentucky payday borrower was “trapped in 10 payday transactions in 2010.” Several states have imposed curbs on short-term interest for payday loans, and the federal
If you have a billion or couple of hundred thousand saved, that's one thing but you have this kind of conflict where people are taking out payday loans at exorbitant interest rates and that's real tragic.” The huge push by advertisers and high spending
Financial Times: Alpha Natural Resources has agreed to pay about $210 million in fines and restitution in an effort to close a series of civil and criminal probes related to a disaster at a mine in West Virginia that killed 29 coal miners in April 2010
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