Consumer claims unlicensed lender tampered with tribal ownership

By Joyce Hanson (March 15, 2022, 8:02 p.m. EDT) – Lending website FirstLoan.com has been slapped with a proposed class action lawsuit in federal court in Illinois accusing it of making predatory loans with annual rates of up to 700%, in violation of state consumer fraud laws and the Racketeer Influenced and Corrupt Organizations Act.

Lead plaintiff Joshua Kalkbrenner said in his Monday complaint against FirstLoan and its owner Stanley Chao that the unlicensed lender currently claims to be a Native American-owned business operated by the Elem Indian Colony of the Pomo Indians and a subsidiary of EIC Enterprises, a federally recognized branch of the tribe in Clearlake, California.

But Kalkbrenner added that…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS