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Payday Lending by Tribe Targeted by Connecticut

The head of an American Indian tribe and two payday-loan companies it owns were fined a total of $1.5 million by Connecticut regulators who claim they violated a state cap on interest rates.

John Shotton, chairman of Oklahoma’s Otoe-Missouria tribe, was fined $700,000 today in what may be the first action against the leader of a Native American group involved in payday lending, according to Bruce Adams, general counsel for Connecticut’s Department of Banking. The tribe’s Great Plains Lending LLC and Clear Creek Lending also must pay a combined $800,000 for making illegal loans to Connecticut residents, the regulator said in an administrative order.