User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


62° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Timber Lake Overnight Loan Company Sued

November 20, 2012, 12:03 PM by Ben Dunsmoor

Timber Lake Overnight Loan Company Sued
TIMBER LAKE, SD -

A South Dakota company advertising its high-interest signature loans on national TV and radio is under scrutiny by several states and the Federal Trade Commission.

Martin 'Butch' Webb, who is a member of the Cheyenne River Sioux Tribe, is running his businesses from Timber Lake on the Cheyenne River Indian Reservation.

Western Sky Financial is one of Webb's companies.  It offers up to $10,000 in signature loans overnight.

But when you take a look at some of the interest rates on the loans on the company's website, you'll find an $850 loan can have up to a 343 percent interest rate.

Attorneys General from Colorado and Missouri and the Maryland Commissioner of Finance and Regulation have filed lawsuits against Webb and his loan companies.

The Federal Trade Commission has also filed a lawsuit saying Webb's companies on the reservation are engaging in unfair and deceptive credit practice and illegally garnishing wages.

But in one case a lawsuit in Illinois against Western Sky was thrown out because the loan agreements say any disputes with the company have to be settled under tribal law on the reservation.

We'll tell you why the company is coming under scrutiny nationally, while at the same time providing valuable jobs on the Cheyenne River reservation, tonight on KELOLAND News.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Historic Sioux Falls Building For Sale

9/15/2014 4:24 PM

The Carpenter Building on South Phillips Avenue in Sioux Falls is for sale for $4.2 million.

Full Story
Sioux Falls Named 41st In Best Small To Midsize Cities List

9/15/2014 1:43 PM

Sioux Falls comes in at number 41 on Livability.com's list of the nation's best small to midsized cities.

Full Story
Unbridled Business

9/15/2014 10:10 PM

Most of us think of successful online retailers as being located in big cities.  But the truth is when your customers are on the Internet, you ca...

Full Story | Watch
Committee Gives Final OK To Rest Stop Rule Changes

9/16/2014 1:22 PM

A South Dakota panel has approved rule changes in multiple state departments that include allowing the Department of Transportation to regulate newsst...

Full Story
Great Outdoor Store Recognized By National Magazine

9/17/2014 3:33 PM

Outdoor USA Magazine is giving high marks to a Sioux Falls store.

Full Story


Events