43.03.030 Prohibited Acts; Violations

(a) Prohibited Acts:

(1) No Person other than the Tribe or a Tribal Entity may engage in providing loans from Tribal Lands;

(2) No Person shall provide Covered Loans without a Lending Operation License and Loan Product License issued by the Commission in accordance with this Code;

(3) No Person shall knowingly submit misleading information, or make false statements to the Commission or the Tribe, or make an omission of data or facts in an attempt to mislead the Commission;

(4) No Person shall falsely attribute any consumer financial product or service to the Tribe or Tribal Lands;

(5) No Person shall offer a Loan Product that does not comply with this Code and Tribal Consumer Protection Law.

(6) No Person shall attempt to, or collect on, a Covered Loan beyond four (4) years from the date of charge-off as recorded by the Lending Operation. This limitation period applies to all Covered Loans, retroactively and prospectively, regardless of who owns the Covered Loans or attempts to, or collects on, the Covered Loans.

(b) Unfair, Deceptive, or Abusive Acts and Practices are prohibited. The Commission may take any action authorized under this Code to prevent a Regulated Entity from committing or engaging in an unfair, deceptive, or abusive act or practice in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service.

(1) An unfair act or practice is one that: (1) causes or will cause substantial injury to consumers; (2) those consumers cannot avoid the injury without taking unreasonable actions; and (3) the benefits to consumers or to competition of those same acts or practices do not outweigh the substantial injury to consumers.

(2) A representation, omission, act, or practice is deceptive when: (1) it misleads or is likely to mislead the consumer or another; (2) the interpretation of the representation, omission, act, or practice is reasonable under the circumstances; and (3) the misleading representation, omission, act, or practice materially affects the consumer to the consumer's detriment.

(3) An abusive act or practice is one that: (1) materially interferes with a consumer's ability to understand a term or condition of a Covered Loan or Loan Product; or (2) takes unreasonable advantage of any of the following: (A) the consumer's lack of understanding of the material risks, costs, or conditions of a Covered Loan or Loan Product; (B) the consumer's inability to protect the consumers' interests in selecting or using a Covered Loan or Loan Product; or (C) the reasonable reliance by the consumer on a Licensee to act in the consumer's interest.

(c) Any Person with privity of contract with a Licensee may file a claim for binding arbitration to enforce rights and seek remedies under the contract or this Code. Licensees shall not abridge consumer's rights under this subsection by contract or otherwise.