Law Seeks to Facilitate Loans on Native American Reservations

By: AP Email
By: AP Email

Broomfield, Colo. (AP) A new tribal law aims to make it easier to get loans on native american reservations.

Representatives from about a dozen native american tribes around the country will attend a two-day seminar Friday and Saturday in Broomfield to learn about how it works. Banks have previously been reluctant to loan money to people on reservations because of the
difficulty of going through tribal courts if the loan defaults.

The Crow tribe in Montana was the first to enact the law in country. The model tribal secured transaction act was authored by the uniform law commission, which works to make some areas of law consistent from state to state.

About 30 tribes have either enacted the law or are considering it.

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