Plain Green Loans is an online installment loan company providing emergency cash via the internet and is owned by the Chippewa Cree Tribe on the Rocky Boy Indian Reservation. It is known for its high annualized interest rates of up to 379 percent.
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.
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History
In 2011, Plain Green Loans issued over 121,000 loans. 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.
In February 2012, a coalition of Indian tribes welcomed a Colorado court ruling that tribal immunity has no territorial boundaries.
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.
Operations
Plain Green has a B rating with the Better Business Bureau"
Source of the article : Wikipedia
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