Plain Green Loans

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Plain Green Loans is a tribal lending online business owned by the Chippewa Cree Tribe on the Rocky Boy Indian Reservation,[1] specializing in short term loans.[2] As of December 2011, its activities are challenging "the ability of state regulators to enforce the loan market to police caps and other consumer protection measures,"[2] and simultaneously raising questions in regard to tribal sovereignty. In February 2012, a coalition of Indian tribes welcomed a Colorado court ruling that tribal immunity has no territorial boundaries.[3]

In 2011, Plain Green Loans issued over 121,000 loans.[2] Because the Chippewa Cree Tribe is a sovereign nation which enjoys tribal immunity, it is not subject to state laws which seek to prevent usury by regulating high-interest lending.[4]

Despite having earned an "F rating by the Better Business Bureau" within one year of its founding,[2] a tribal spokesman states that "This model could be the successor to gambling for tribes looking for an economic boost."[2]

References[edit]

  1. ^ Leeds, Tim (November 3, 2011). "Havre Daily News". PDL Ventures in last days, Rocky Boy tribal rep says (Havre, Montana). Retrieved December 27, 2011. 
  2. ^ a b c d e Volz, Matt (Dec 27, 2011). "Missoulian". Chippewa Cree tribe cashes in on high-interest online loans (Missoula, Montana). Associated Press. Retrieved December 27, 2011. 
  3. ^ "Indian tribes welcome ruling on sovereignty". Denver Post. 15 February 2012. Retrieved 15 February 2012. 
  4. ^ Volz, Matt (December 26, 2011). "The Guardian". Tribe's high-interest online lending venture booms (London, England). AP Foreign. Retrieved December 27, 2011. 

External links[edit]