Regulatory Alerts2019-08-30
Added · Updated
BlueChip Financial d/b/a SpotLoan Settlement Agreement
BlueChip Financial d/b/a SpotLoan, an entity owned by the Turtle Mountain Band of Chippewa Indians, agrees to cease and desist from making, offering, soliciting, or advertising small loans to Connecticut residents without a state license. The settlement requires BlueChip to stop collecting on existing loans to Connecticut borrowers, repurchase any sold loans, and request the deletion of negative tradeline information from credit reporting agencies within 30 days. BlueChip must certify compliance with these terms within 40 days, and no civil penalties are imposed, though the agreement binds future Tribal lending entities and waives sovereign immunity for enforcement purposes.
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