Taming the Beast: Payday Loans, Regulatory Efforts, and Unintended Consequences

36 Pages Posted: 26 Jan 2016 Last revised: 9 Feb 2016

See all articles by Mary Spector

Mary Spector

Southern Methodist University - Dedman School of Law

Date Written: 2008

Abstract

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 to tame the Hydra once and for all.

Suggested Citation

Spector, Mary, Taming the Beast: Payday Loans, Regulatory Efforts, and Unintended Consequences (2008). DePaul Law Review, Vol. 57, No. 4, 2008, SMU Dedman School of Law Legal Studies Research Paper No. 212, Available at SSRN: https://ssrn.com/abstract=2722002

Mary Spector (Contact Author)

Southern Methodist University - Dedman School of Law ( email )

P.O. Box 750116
Dallas, TX 75275
United States

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