43.01.010 Title & Purpose

(a) This Law shall be referred to as the Turtle Mountain Band of Chippewa Tribal Lending Code. This code may be cited as the "Tribal Lending Code."

(b) The Turtle Mountain Band of Chippewa (the "Tribe") is a federally recognized sovereign American Indian Tribal government empowered by its Constitution to enact Codes and hereby enacts this Code to regulate certain loans made from Tribal lands and to establish the Turtle Mountain Band of Chippewa Tribal Lending Regulatory Commission (the Commission) to regulate lending by the Tribe and Tribal Entities.

(1) are conducted in a manner that is fair, honest, and transparent;

(2) regulated in accordance with this Code and applicable Tribal Consumer Protection Laws; and

(3) provides consumers with timely and understandable information and protects consumers in their interactions with the Tribe and Tribal Entities.

(d) The Tribe hereby directs and proclaims that:

(1) The provision of Covered Loans from Tribal Lands shall be conducted strictly in accordance with this Code.

(2) All Covered Loans, Lending Operations, and Service Providers are subject to regulation by the Tribal Lending Regulatory Commission (Commission) as set forth in this Code.

(3) The Commission is vested with all privileges and immunities of the Tribe, except where explicitly waived by the Tribal Council.

(4) The Commission shall promulgate regulations in accordance with this Code and have the responsibility to regulate Covered Loans made from Tribal Lands.

(5) Each Lending Operation on Tribal Lands shall be owned by the Tribe or a Tribal Entity and conducted in accordance with Tribal Law and this Code.

(6) The objective of each Lending Operation is to generate governmental revenue for the Tribe that shall be used solely to: (i) provide for the health, education, and general welfare of Tribal members; (ii) promote tribal economic development and self-sufficiency; and (iii) fund Tribal government operations.