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Abstract

We have chosen to discuss the regulatory framework surrounding the "payday lending" industry in North America and ultimately propose that further consumer protection and usury laws are necessary. In particular, we suggest that existing regulatory frameworks do not adequately safeguard low-income consumers who often rely on the alternative consumer credit market as their sole means of credit making them particularly susceptible to usurious lending practices. We believe this to be a particularly timely issue that has, of yet, received limited scholarly coverage adopting an international approach.