While the company has won arguments in state courts that it has tribal sovereign immunity, allowing it to make loans even in states that restrict or forbid payday loans, that protection doesnt apply to the federal courts.
Court personal discussion for loan suggest the business has made more than 165 million, charging interest rates as high as 800 percent on small loans. Borrowers have complained in droves personal discussion for loan the lenders tactics. Law enforcement authorities have received more than 7,500 complaints about the business, the FTC says. Among the defendants in the lawsuit is Scott Tucker, a professional race-car driver from Kansas City, Kan.
Tucker became a millionaire from the payday-lending business he started more than a decade ago. When state investigators started digging into the companys practices, Tucker came up with a plan to sell the business to three Indian tribes while continuing to run the company and to collect most of its profits, according to recent court records filed in Colorado. The Center for Public Integrity and CBS News jointly investigated and exposed Tuckers involvement in the tribal payday lending business in September.
Critics have dubbed this tactic rent-a-tribe and other lenders have copied the practice.
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