Schneiderman settles with ‘sky’ high lenders

[hrmjustin]

Rick Karlin, Capitol bureau

Attorney General Eric Schneiderman has reached an agreement with a group of out-of-state lenders who charged interest rates well beyond state limits. Some annual rates were as high as 355 percent.

The best-known lender, Western Sky, had run frequent commercials featuring a native American theme and they say they are affiliated with the Cheyenne River Sioux tribe in South Dakota.

Company officials had contended that their location on a South Dakota Indian reservation exempted them from New York usury laws but the court disagreed.

http://blog.timesunion.com/capitol/archives/204313/schneiderman-settles-with-sky-high-lenders/