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DBO Wins Landmark Ca Supreme Court Ruling in Significant Tribal Payday Lending Case

DBO Wins Landmark Ca Supreme Court Ruling in Significant Tribal Payday Lending Case

Court Bolsters Test to determine when firms that are private to Tribal Immunity

SACRAMENTO – The Ca Department of company Oversight (DBO) today won a situation Supreme Court choice in a landmark instance concerning the problem of private payday lenders who make an effort to make use of tribes’ sovereign immunity to prevent state certification and customer security regulations.

“This ruling can be a essential victory for California’s payday loan consumers,” said DBO Commissioner Jan Lynn Owen. “It strengthens our capacity to enforce laws and regulations prohibiting exorbitant costs and activity that is unlicensed doubting payday lenders’ capacity to inappropriately utilize tribes’ sovereign immunity in order to avoid complying with state legislation.”