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Attorney General Shapiro Announces A win in the event against Investment company involving “Rent-a-Tribe” Payday Lending Scheme

Tuesday, January 21st, 2020

Attorney General Shapiro Announces A win in the event against Investment company involving “Rent-a-Tribe” Payday Lending Scheme

HARRISBURG — In a crucial ruling involving a loan provider and investment company accused of “renting” indigenous American tribes for an online payday loan scheme in Pennsylvania, Attorney General Josh Shapiro announced today a federal judge has allowed the core of the lawsuit filed by the Attorney General to maneuver ahead.

The Attorney General’s lawsuit alleges that Victory Park Capital Advisors LLC, invested and took part in a scheme with Think Finance Inc. to shield it self from state and federal rules by operating beneath the guise of A indigenous American tribe and in addition a bank that is federally-chartered. U.S. District Judge J. Curtis Joyner has rejected the majority of a denied nearly all of a protection movement to dismiss the lawsuit, ensuring the full situation will continue.

“These defendants utilized a native american tribe as a front side to evade state customer security rules and fee greater cash advance interest levels than permitted under Pennsylvania legislation,” Attorney General Shapiro stated. (more…)