A U.S. District Court recently ruled that ny can stop lenders that are payday making loans, even if those loans are originated from tribal workplaces outside nyc. This ruling expanded the state’s jurisdiction over lenders to tribal sovereign enterprises. It is not just inconsistent with Supreme Court precedent; it attacks the very payday loans Louisiana idea of tribal sovereignty.

In August, brand New York’s Department of Financial Services Superintendent Benjamin Lawsky issued a cease‐​and‐​desist purchase to tribal lenders performing company with New York residents regarding the basis that their loans violated brand New York’s cap on interest levels. It could appear silly that Lawsky would try to stop a consensual contract between loan provider and debtor, however you can’t blame him in excess. He could be after the time‐​honored ny tradition of utilizing federal federal government to restrict the options of other people. Don’t think individuals should consume trans fat? Ban it. Drinking sugar that is too much? Goodbye, Big Gulps. (more…)