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Taming The Beast: Payday Loans, Regulatory Efforts, And Unintended Consequences, Mary B. Spector
Taming The Beast: Payday Loans, Regulatory Efforts, And Unintended Consequences, Mary B. Spector
Faculty Journal Articles and Book Chapters
This Article examines the payday loan phenomenon, reviews state and federal attempts to regulate it, and explores its most recent appearance under the protection of state CSO laws designed to protect overextended consumers. Part II examines the transaction and the parties involved: what is a payday loan; who makes them; and who are the customers? Part III describes state and federal attempts to regulate payday lending. Part IV explores states' attempts to protect credit-seeking consumers with laws designed to regulate CSOs and the payday loan's emergence between the lines of this regulation. Part V concludes with some thoughts on approaches …