Plain Green Loans
Plain Green Loans is an online payday loan business owned by the Chippewa Cree Tribe on the Rocky Boy Indian Reservation.[1][2] It is known for its high annualized interest rates of up to 379 percent[3] and its activities are considered to be challenging "the ability of state regulators to enforce the loan market to police caps and other consumer protection measures," while raising questions in regard to tribal sovereignty.[2]
History
In February 2012, a coalition of Indian tribes welcomed a Colorado court ruling that tribal immunity has no territorial boundaries.[4]
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.[5]
In 2014, several members of the tribe were convicted of illegally siphoning seven percent of the company's revenues which totaled $25 million over a three-year period.[3]
Plain Green has a B rating with the Better Business Bureau"[6]
References
- ^ Leeds, Tim (November 3, 2011). "Havre Daily News". PDL Ventures in last days, Rocky Boy tribal rep says. Havre, Montana. Retrieved December 27, 2011.
- ^ a b c Volz, Matt (Dec 27, 2011). "Missoulian". Chippewa Cree tribe cashes in on high-interest online loans. Missoula, Montana. Associated Press. Retrieved December 27, 2011.
- ^ a b "Chippewa Cree Tribal Members Funneled Cash from Lending Company". Associated Press. September 9, 2014. Retrieved 21 June 2015.
- ^ "Indian tribes welcome ruling on sovereignty". Denver Post. 15 February 2012. Retrieved 15 February 2012.
- ^ Volz, Matt (December 26, 2011). "The Guardian". Tribe's high-interest online lending venture booms. London, England. AP Foreign. Retrieved December 27, 2011.
- ^ "Better Business Bureau Plain Green Rating". Better Business Bureau. 1 January 2015. Retrieved 6 June 2015.