Regulation and compliance
If a financial instutions has the head quarters on indian reservation or own by a tribe, does that mean they are not require to be license in all states or follow Federa and state regulation? Do they have some type of shelter?
2 Answers from Attorneys
Re: Regulation and compliance
Contrary to Attorney Bakondi's reply, the answer to your question is pretty clear. A financial institution (I assume for purposes of making loans) must be licensed within the jurisdictions in which it is operating. Just because their headquarters are on an indian reservation, they are not exempt, by way of example, from being licensed with the State of California if they are making loans off the reservation in the State of California. The situation is exactly the same as a foreign bank (oversees) doing business anywhere in the US (except indian reservations) - they too have to hold a license for any state in which they do business. The only place they can operate without being licensed is within the confines of that reservation.
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Re: Regulation and compliance
It sounds like you need more in depth assistance. Please feel free to contact my office and explain your situation.
Daniel Bakondi, Esq.
No attorney-client nor confidential relationship is created through this communication. You may not rely in any way on this communication, and nothing herein constitutes legal advice nor legal opinion. Your issue may be time sensitive and may result in loss of rights if you do not obtain an attorney immediately.
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