Friday, December 7, 2012

Oregon Regulator Issues Caution On Doing Business With Payday Lenders & Other Short Term Loan Sharks Affiliated With Federally-Recognized Indian Tribes

From the State of Oregon Division of Finance and Corporate Securities:

  • It has come to our attention that a number of lenders offering short-term loans (payday loans) to Oregon consumers are subdivisions of, or affiliated with, federally-recognized Indian tribes. As a result, these companies may not be subject to the jurisdiction of the Oregon Department of Consumer and Business Services (DCBS). We are still evaluating the law and the various tribes’ positions to determine if tribal lenders are outside Oregon’s authority.

    Most Internet-based payday lenders, including the companies listed below, are not licensed to do business in Oregon. If you are considering using the services of an Internet-based payday lender or any other company not licensed to do payday lending in Oregon, you should be aware that they typically charge interest rates and other fees significantly above the limits found in Oregon law.

    Based on consumer complaints received by DCBS and information received from other states, it appears that the following are tribal-run payday lenders. (Note: this is likely not an exclusive list.):

    US Fast Cash
    United Cash Loans
    Star Cash Processing
    Instant Cash USA
    500 Fast Cash
    Rio Resources
    Xtra Cash
    One Click Cash
    Preferred Cash

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