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.
The Connecticut Department of Banking reached a settlement with CashCall Inc., Western Sky Financial L.L.C. and Martin Webb, the owner of Western Sky Financial, for violating state law pertaining to small loan lenders.
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.
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