- Details
- By Native News Online Staff
A settlement between the state of Colorado and Kansas-based debt collector TrueAccord will refund $500,000 to borrowers who defaulted on loans issued by tribal lending entities.
According to the settlement, investigators found that, from 2017 to 2022, TrueAccord collected or attempted to collect on roughly 29,000 consumers who defaulted on loans issued by the tribal lenders. Most loans had interest rates over 500% APR, and some approached 900% APR—far greater than the 12% cap for unlicensed loans under Colorado law, according to a statement from the state’s attorney general.
Tribal lenders typically operate online and advertise to consumers that their loans are subject to tribal law, rather than Colorado law.
TrueAccord violated state law by telling consumers they owed the full loan balance when they collected or attempted to collect on the debt. For loans made by unlicensed lenders, state law says consumers have no obligation to pay finance charges greater than 12% and it entitles them to refunds if they do pay.
When TrueAccord, a non-tribal entity, attempted to collect the debts using tribal law rather than state law, they fell afoul of state investigators, who began examining TrueAccord’s records in September 2022. Colorado eventually charged the company with violating the Colorado Fair Debt Collections Act.
Attorney General Phil Weiser announced in a press release Tuesday that the state had reached a settlement with TrueAccord, which would pay Colorado $500,000 to be used for customer refunds.
“Colorado consumers are protected from high interest rates on unlicensed loans regardless of where those loans originate,” Weiser said in a statement. “My office will hold accountable any companies that violate the law by trying to collect on illegal, high-interest debt. In this action, we are doing just that, and getting money back to consumers in the process.”
TrueAccord is further barred from collecting on any debt where the original loan’s interest rate exceeded state limits, Weiser said.
More Stories Like This
Native News Weekly (August 25, 2024): D.C. BriefsUS Presidents in Their Own Words Concerning American Indians
Native News Weekly (August 4, 2024): D.C. Briefs
NTU Men’s Skyhawks Host Competitive Basketball Tryouts
AIANTA Seeks International Travelers to Visit Indian Country at Conference
Help us tell the stories that could save Native languages and food traditions
At a critical moment for Indian Country, Native News Online is embarking on our most ambitious reporting project yet: "Cultivating Culture," a three-year investigation into two forces shaping Native community survival—food sovereignty and language revitalization.
The devastating impact of COVID-19 accelerated the loss of Native elders and with them, irreplaceable cultural knowledge. Yet across tribal communities, innovative leaders are fighting back, reclaiming traditional food systems and breathing new life into Native languages. These aren't just cultural preservation efforts—they're powerful pathways to community health, healing, and resilience.
Our dedicated reporting team will spend three years documenting these stories through on-the-ground reporting in 18 tribal communities, producing over 200 in-depth stories, 18 podcast episodes, and multimedia content that amplifies Indigenous voices. We'll show policymakers, funders, and allies how cultural restoration directly impacts physical and mental wellness while celebrating successful models of sovereignty and self-determination.
This isn't corporate media parachuting into Indian Country for a quick story. This is sustained, relationship-based journalism by Native reporters who understand these communities. It's "Warrior Journalism"—fearless reporting that serves the 5.5 million readers who depend on us for news that mainstream media often ignores.
We need your help right now. While we've secured partial funding, we're still $450,000 short of our three-year budget. Our immediate goal is $25,000 this month to keep this critical work moving forward—funding reporter salaries, travel to remote communities, photography, and the deep reporting these stories deserve.
Every dollar directly supports Indigenous journalists telling Indigenous stories. Whether it's $5 or $50, your contribution ensures these vital narratives of resilience, innovation, and hope don't disappear into silence.
The stakes couldn't be higher. Native languages are being lost at an alarming rate. Food insecurity plagues many tribal communities. But solutions are emerging, and these stories need to be told.
Support independent Native journalism. Fund the stories that matter.
Levi Rickert (Potawatomi), Editor & Publisher
