Amy J. Schmitz
Excerpted from: Amy J. Schmitz, Females on the Fringe: Considering Gender in Payday Lending Policy, 89 Chicago-Kent Law Review 65 - 112, 148- 100 (2014) (327 Footnotes) (Full Article)
The law has done little to address contextual realities regarding payday loans, let alone data suggesting that these loans disproportionately burden women. General contract law seeks to limit intrusion on freedom of contract or consideration of context. Additionally, discrimination laws are largely ineffective in combatting more subtle discrimination via stereotyping that impacts payday lending practices. Furthermore, federal banking law limits the extent to which states can regulate payday loans, and state laws create conflicts and confusion because of states' varied approaches toward payday lenders. Moreover, it is very difficult for regulators to police online lenders and lenders affiliated with Native American tribes who benefit from sovereign immunity.
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