This is a big deal. Formerly, payday lenders in California have been hiding behind a loose and convenient association with local native American tribes, and the payday lenders have claimed tribal immunity from California law.
There are a number of defenses that I raise when defending these NCT student loan lawsuit cases. Many of these National Collegiate Trust loans had a guarantee agreement in them (and they were never originally made by NCT). A guarantee agreement is similar to an insurance policy: When you default on the student loan, the guarantee company pays the claim.
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