Cash Advance and Preferred Cash Loans v. State of Colorado ex rel. John W. Suthers, Attorney General for the State of Colorado, and Laura E. Udis, Administrator, Uniform Consumer Credit Code

Publish Date: 
August 25, 2010
| Filed under: 

Payday lenders, one of the main players in the “fringe banking” industry, target vulnerable borrowers who cannot access traditional sources of credit and, rather than helping them handle a short-term crisis, actually exacerbate their financial distress. The relationships that Cash Advance and Preferred Cash Loans claim to have with various tribal entities should be scrutinized to ensure it is not merely the most recent version of decades-old ruses to avoid regulation by State laws. Each organization and its extensive involvement in advocacy to pierce these ruses and to protect borrowers from fringe lenders is described in detail in the Motion for Leave to File Brief Amici Curiae in Support of Respondents/Cross-Petitioners with which this brief is conditionally filed.