Provides a state-by-state comparison of key consumer protections included in payday lending legilstation and regulation and compares to the consumer protections offered by H.B. 1100 developed by Woodstock Institute and the Monsignor John Egan Campaign for Payday Loan Reform.
Uses data from the Veritec Solutions February 2006 report on Illinois lending under the Payday Loan Reform Act and data collected by the Monsignor John Egan Campaign for Payday Loan Reform in 2004 to calculate the success of the act in reducing the cost of traditional payday loans and the high cost of new installment loans designed to evade the protections provided by the act.
Describes the distribution of refund anticipation loan lending in the Chicago region using 2003 IRS tax preparation data - the most recent available. Also provides information on recent innovations in the income tax loan industry such as the holiday and paystub loan.
