Prohibitions, Price Caps, and Disclosures: A Look at State Policies and Alternative Financial Product Use
DIANE Publishing, 2011 - 42 pages
This study uses new nationally representative data from the National Financial Capability State-by-State Survey to examine the relationship between state-level alternative financial service (AFS) policies (prohibitions, price caps, disclosures) and consumer use of five AFS products: payday loans, auto title loans, pawn broker loans, refund anticipation loans, and rent-to-own transactions. The results suggest that more stringent price caps and prohibitions are associated with lower product use and do not support the hypothesis that prohibitions and price caps on one AFS product lead consumers to use other AFS products. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.
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