CMP.2.1.030 Findings, Intent and Policy

(a) Findings. The Governing Board of the Tribe finds that:

(1) The Tribe desires to expedite the development of the Tribe's economy to improve the Tribe's economic self-sufficiency, enable the Tribe to better serve the social, economic, educational, and health and safety needs of its members and visitors, and provide its members with opportunities to improve their own economic circumstances.

(2) Tribal creation and operation of Consumer Financial Services businesses is a legitimate means of generating revenue to address the aforementioned needs and for pursuing the Tribe's goal of self-sufficiency and self-determination.

(3) The Tribe has the legal authority to license and regulate Consumer Financial Services businesses within its jurisdiction.

(4) A properly licensed and regulated Consumer Financial Services industry is consistent with announced federal policy promoting tribal self-government and economic self-sufficiency.

(5) Tribal regulation and control of Consumer Financial Services businesses within the jurisdiction of the Tribe is essential for the protection of the public welfare.

(6) It is essential that the Governing Board regulate Consumer Financial Services in a manner commensurate with this Consumer Financial Services Regulatory Code ("Code") and all applicable federal consumer protection law.

(7) It is essential that public confidence in Consumer Financial Services that originate from the Tribe's reservation or within the Tribe's jurisdiction be maintained.

(8) Adoption of this Code by the Governing Board is a necessary precondition for the legal operation of Consumer Financial Services originating from the Tribe's reservation or within the Tribe's jurisdiction and is in the best interest of the Tribe.

(9) Establishment of a Consumer Financial Services Regulatory Authority ("Authority") to implement the purpose and intent of this Code is in the best interest of the Tribe.

(b) Intent. The Governing Board, on behalf of the Tribe, declares that the intent of this Code is to:

(1) Diversify and expedite the development of the Tribe's economy for the purposes described in Section CMP.2.1.030(a)(1).

(2) Define the general regulatory powers to be exercised by the Authority in relation to the regulation, control, and oversight of Consumer Financial Services.

(3) Ensure that all net revenue generated by Consumer Financial Services is used for the benefit of the Tribe in accordance with the purposes described herein.

(4) Ensure that Consumer Financial Services are conducted appropriately by Licensees and remain free from corrupt, incompetent, unconscionable and dishonest practices.

(5) Protect the interests of the public in the offering of Consumer Financial Services.

(6) Ensure the maintenance of public confidence in Consumer Financial Services practices.

(7) Ensure that there is a Tribal government forum for the fair and orderly resolution of Consumer Financial Services disputes, consistent with the preservation of the Tribe's sovereign immunity.

(8) Ensure that Consumer Financial Services laws and regulations are enforced.

(1) Tribal Policy of Self-Government. The Tribe is firmly committed to the principle of Tribal self-government. Revenues from Consumer Financial Services shall be utilized and expended only for the following purposes:

(2) To fund the Tribe's government operations or programs;

(3) To provide for the public health and general welfare of the Tribe and its members and visitors to the Tribal community;

(4) To promote Tribal economic development and self-sufficiency; and

(5) To donate to charitable organizations.

(6) Consumer Financial Services Policy. The establishment, promotion and operation of Consumer Financial Services is necessary, provided that such Consumer Financial Services are regulated and controlled by the Tribe pursuant to this Code and the revenues of such Consumer Financial Services are used exclusively in accordance with Section CMP.2.1.030(c)(1) of this Code.

(7) Responsibility for Regulation. The Tribe shall have the sole proprietary interest in, and responsibility for, the regulation of Consumer Financial Services authorized by this Code.

(8) Consumer Financial Services Authorized. Consumer Financial Services that are subject to licensing under this Code are authorized and permitted only as described in this and any regulations of the Authority adopted under this Code.