Usury Law, Payday Loans, and Statutory Sleight of Hand PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Usury Law, Payday Loans, and Statutory Sleight of Hand PDF full book. Access full book title Usury Law, Payday Loans, and Statutory Sleight of Hand by Christopher Lewis Peterson. Download full books in PDF and EPUB format.
Author: Christopher Lewis Peterson Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
In the Western intellectual tradition usury law has historically been the foremost bulwark shielding consumers from harsh credit practices. Historically, the United States commitment to usury law has been deep and consistent. However, the recent rapid growth of the payday loan industry belies this longstanding American tradition. In order to understand the evolution of American usury law, this paper presents a systemic empirical analysis of all fifty state usury laws in two time periods: 1965 and the present. The highest permissible price of a typical payday loan authorized under each state's usury law was calculated. These prices were then translated into Annual Percentage Rate (APR) format following the federal Truth-in-Lending Act price disclosure regulations. Moreover, this Article also compares how each state legislature describes its most expensive permissible payday loan, with how that loan is characterized under federal price disclosure law. It does so by suggesting a new financial concept which I label: salience distortion. This analysis produces three findings: (1) usury law has become more lax; (2) usury law has become more polarized; and, (3) usury law has become more misleading. These findings suggest that the numeric language in current state usury statutes is not chosen because it helpfully describes some expectation of commercial behavior. Rather, legislatures have chosen the language of most current credit price caps because it sounds in an ancient moral tradition - a mythology of sorts - that roughly delineates popular perception of moral and immoral interest rates. Exploiting this normative tradition as well as common behavioral economic heuristics, many state legislatures use small, innocuous numbers in usury law because they are attempting to minimize the public and media outcry over their decision to legalize triple digit interest rate consumer loans.
Author: Christopher Lewis Peterson Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
In the Western intellectual tradition usury law has historically been the foremost bulwark shielding consumers from harsh credit practices. Historically, the United States commitment to usury law has been deep and consistent. However, the recent rapid growth of the payday loan industry belies this longstanding American tradition. In order to understand the evolution of American usury law, this paper presents a systemic empirical analysis of all fifty state usury laws in two time periods: 1965 and the present. The highest permissible price of a typical payday loan authorized under each state's usury law was calculated. These prices were then translated into Annual Percentage Rate (APR) format following the federal Truth-in-Lending Act price disclosure regulations. Moreover, this Article also compares how each state legislature describes its most expensive permissible payday loan, with how that loan is characterized under federal price disclosure law. It does so by suggesting a new financial concept which I label: salience distortion. This analysis produces three findings: (1) usury law has become more lax; (2) usury law has become more polarized; and, (3) usury law has become more misleading. These findings suggest that the numeric language in current state usury statutes is not chosen because it helpfully describes some expectation of commercial behavior. Rather, legislatures have chosen the language of most current credit price caps because it sounds in an ancient moral tradition - a mythology of sorts - that roughly delineates popular perception of moral and immoral interest rates. Exploiting this normative tradition as well as common behavioral economic heuristics, many state legislatures use small, innocuous numbers in usury law because they are attempting to minimize the public and media outcry over their decision to legalize triple digit interest rate consumer loans.
Author: Katherine Porter Publisher: Aspen Publishing ISBN: 1454860855 Category : Law Languages : en Pages : 851
Book Description
Modern Consumer Law is a lively, concise, problem-focused text on contemporary consumer law. It is the only text on the market conceptualized after Dodd-Frank and its creation of the Consumer Financial Protection Bureau. The book takes a functional approach to consumer law, looking at types of transactions such as mortgages as well as kinds of laws such as disclosure rules. It examines core theoretical questions in an accessible way, revealing consumer law as a series of statutes built on the common law foundations of contract and tort. Organized into 28 class-sized assignments, the book is easy to adapt to a teacher’s preferences in terms of focus and class credits. The problems provide students with the opportunity to apply statutes to realistic situations and ask them to consider the perspectives of consumers, businesses, and lawmakers. Katherine Porter is a national expert in consumer law and a co-author of Wolter Kluwer’s The Law of Debtors and Creditors.
Author: Helen Hershkoff Publisher: Oxford University Press ISBN: 0199974926 Category : Law Languages : en Pages : 304
Book Description
Getting By offers an integrated, critical account of the federal laws and programs that most directly affect poor and low-income people in the United States-the unemployed, the underemployed, and the low-wage employed, whether working in or outside the home. The central aim is to provide a resource for individuals and groups trying to access benefits, secure rights and protections, and mobilize for economic justice. The topics covered include cash assistance, employment and labor rights, food assistance, health care, education, consumer and banking law, housing assistance, rights in public places, access to justice, and voting rights. This comprehensive volume is appropriate for law school and undergraduate courses, and is a vital resource for policy makers, journalists, and others interested in social welfare policy in the United States.
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit Publisher: ISBN: Category : Business & Economics Languages : en Pages : 136
Author: Nicolas P. Retsinas Publisher: Brookings Institution Press ISBN: 0815705042 Category : Business & Economics Languages : en Pages : 274
Book Description
A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication The recent collapse of the mortgage market revealed fractures in the credit market that have deep roots in the system's structure, conduct, and regulation. The time has come for a clear-eyed assessment of what happened and how the system should be strengthened and restructured. Such reform will have a profound and lasting impact on the capacity of Americans to use credit to build assets and finance consumption. Moving Forward explores what caused the crisis and, more important, focuses on the path ahead. The challenge remains the same as ever: protect consumers, ensure fairness, and guarantee soundness of the financial system without stifling innovation and overly restricting access to credit and consumer choice. Nicolas Retsinas, Eric Belsky, and their colleagues aim to stimulate debate based on analysis of the opportunities and challenges presented by the various components of global capital markets: financial engineering, risk assessment and management, specialization of financial intermediation, and marketing methods. The contributors—leaders in business, government, academia, and the nonprofit sector—discuss new research and ideas about the future of credit markets, including how improvements might be shaped by industry leaders. Contributors: John Y. Campbell, Harvard University; Marsha J. Courchane, Charles River Associates; Ren Essene, Federal Reserve Board; Allen Fishbein, Federal Reserve Board; Howell E. Jackson, Harvard Law School; Melissa Koide, Center for Financial Services Innovation; Michael Lea, San Diego State University; Eugene Ludwig, Promontory Financial Group; Brigitte C. Madrian, Harvard Kennedy School; Nela Richardson, Joint Center for Housing Studies of Harvard University; Rachel Schneider, Center for Financial Services Innovation; Peter Tufano, Harvard Business School; Peter M. Zorn, Freddie Mac
Author: Frank Ackerman Publisher: Anthem Press ISBN: 1783087080 Category : Business & Economics Languages : en Pages : 210
Book Description
Worst-case scenarios are all too real, and all too common. The financial crisis of 2008 was not the first or the last to destroy jobs, homeownership and the savings of millions of people. Hurricanes clobber communities from New York to Bangladesh. How bad will the next catastrophe be, and how soon will it happen? Climate and financial crises are serious events, requiring vigorous responses. Yet public policy is trapped in an obsolete framework, with a simplistic focus on average or likely outcomes rather than dangerous extremes. What would it take to create better analyses of extreme events in climate and finance, and an appropriate policy framework for worst-case risks? ‘Worst-Case Economics: Extreme Events in Climate and Finance’ offers accessible and surprising answers to these crucial questions.
Author: H. Kent Baker Publisher: John Wiley & Sons ISBN: 1118100093 Category : Business & Economics Languages : en Pages : 528
Book Description
A detailed look at the role of social responsibility in finance and investing The concept of socially responsible finance and investing continues to grow, especially in the wake of one of the most devastating financial crises in history. This includes responsibility from the corporate side (corporate social responsibility) as well as the investor side (socially responsible investing) of the capital markets. Filled with in-depth insights and practical advice, Socially Responsible Finance and Investing offers an important basis of knowledge regarding both the theory and practice of this ever-evolving area of finance. As part of the Robert W. Kolb Series in Finance, this book showcases contributed chapters from professionals and academics with extensive expertise on this particular subject. It provides a comprehensive view of socially responsible foundations and their applications to finance and investing as determined by the current state of research. Discusses many important issues associated with socially responsible finance and investing, like moral hazard and the concept of "too big to fail" Contains contributed chapters from numerous thought-leaders in the field of finance Presents comprehensive coverage starting with the basics and bringing you through to cutting-edge, current theory and practice Now more than ever, we need to be mindful of the social responsibilities of all investment practices. The recent financial crisis and recession has changed the financial landscape for years to come and Socially Responsible Finance and Investing is a timely guide to help us navigate this difficult terrain.
Author: Wendy A. Woloson Publisher: University of Chicago Press ISBN: 0226905691 Category : Business & Economics Languages : en Pages : 249
Book Description
The definitive history of pawnbroking in the United States from the nation’s founding through the Great Depression, In Hock demonstrates that the pawnshop was essential to the rise of capitalism. The class of working poor created by this economic tide could make ends meet only, Wendy Woloson argues, by regularly pawning household objects to supplement inadequate wages. Nonetheless, businessmen, reformers, and cultural critics claimed that pawnshops promoted vice, and employed anti-Semitic stereotypes to cast their proprietors as greedy and cold-hearted. Using personal correspondence, business records, and other rich archival sources to uncover the truth behind the rhetoric, Woloson brings to life a diverse cast of characters and shows that pawnbrokers were in fact shrewd businessmen, often from humble origins, who possessed sophisticated knowledge of a wide range of goods in various resale markets. A much-needed new look at a misunderstood institution, In Hock is both a first-rate academic study of a largely ignored facet of the capitalist economy and a resonant portrait of the economic struggles of generations of Americans.
Author: Christopher Lewis Peterson
Author: Christopher Lewis Peterson
Author: Katherine Porter
Author: Helen Hershkoff
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Author: United States. Congressional Oversight Panel
Author: Nicolas P. Retsinas
Author: Frank Ackerman
Author: 
Author: H. Kent Baker
Author: Wendy A. Woloson