Western Sky and CashCall falsely claim that the loans are not subject to state lending laws (including state interest rate caps) because Western Sky's owner, Martin Webb, is a member of the South Dakota Cheyenne River Tribe.
Colorado Attorney General John Suthers announced today that his office has filed a lawsuit against Western Sky Financial, a South Dakota-based online lender, and its principal, Martin A. Webb, for making unlicensed, high-interest loans to Colorado consumers.
Another loophole, which state officials say Lakota Cash owner Martin Webb was trying to employ, involves declaring that a company's affiliation with an American Indian tribe gives the business immunity from U.S. laws.Webb is a member of the South Dakota-based Cheyenne River Sioux tribe, Googel said.
In a lawsuit filed Friday in Fulton County Superior Court, Olens accuses South Dakota-based Western Sky Financial, the company's owner Martin Webb and California-based Cash Call Inc. of violating a [...]
Olens said the suit, against Martin A. Webb, Western Sky Financial and CashCall, was filed Friday.
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