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Marc Benjamin in the Fresno Bee penned an extremely informative piece on the pay day loan

Marc Benjamin in the Fresno Bee penned an extremely informative piece on the pay day loan

tribe-sovereign nation model at:

The pay day loan industry yields $52 billion around the world every year, and Chukchansi officials desire to get an item of it. They’re not the only one; around three dozen tribes have been in the continuing company over the usa, said Allen Parker, A california consultant whom works together with tribes nationwide.

It’s a business that is ideal for tribes in locations too remote to operate a gambling establishment effectively, and for tribes whoever casino revenues are down.

A Newport Beach consultant who runs payday loan storefront businesses and helps tribes with online loan businesses although a tribe may need to hire a consultant or management group that takes a cut of profits and ensures the business is run properly, the overall costs can be lower because the tribe doesn’t have to follow state rules, said Jer Ayler.

That angers regular lenders that are payday need to adhere to state guidelines and restrictions, he said.

“You’d be angry from state licensing regulations and usury laws,” Ayler said if you spent millions of dollars on compliance and regulatory issues compared with a tribe that can enter with very little capital and utilize the sovereign model to exempt themselves.