Finance and Economics Discussion Series: Data for paper 201381
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Payday Loans and Consumer Financial Health
Figure 1. State payday lending regulations over time
| State | Legal status of payday loans 2006-2012 |
|---|---|
| Alabama | Legal throughout period |
| Alaska | Legal throughout period |
| Arizona | Prohibited starting in mid 2010 |
| Arkansas | Prohibited starting in mid 2008 |
| California | Legal throughout period |
| Colorado | Severely restricted starting 2010 |
| Connecticut | Prohibited throughout period |
| Delaware | Legal throughout period |
| District of Columbia | Prohibited starting in 2008 |
| Florida | Legal throughout period |
| Georgia | Prohibited throughout period |
| Hawaii | Legal throughout period |
| Idaho | Legal throughout period |
| Illinois | Legal throughout period |
| Indiana | Legal throughout period |
| Iowa | Legal throughout period |
| Kansas | Legal throughout period |
| Kentucky | Legal throughout period |
| Louisiana | Legal throughout period |
| Maine | Severely restricted throughout period |
| Maryland | Prohibited throughout period |
| Massachusetts | Prohibited throughout period |
| Michigan | Legal throughout period |
| Minnesota | Legal throughout period |
| Mississippi | Legal throughout period |
| Missouri | Legal throughout period |
| Montana | Prohibited starting in 2011 |
| Nebraska | Legal throughout period |
| Nevada | Legal throughout period |
| New Hampshire | Prohibited starting in 2009 |
| New Jersey | Prohibited throughout period |
| New Mexico | Legal throughout period |
| New York | Prohibited throughout period |
| North Carolina | Prohibited throughout period |
| North Dakota | Legal throughout period |
| Ohio | Legal throughout period |
| Oklahoma | Legal throughout period |
| Oregon | Severely restricted starting in 2008 |
| Pennsylvania | Prohibited throughout period |
| Rhode Island | Lightly restricted through period |
| South Carolina | Legal throughout period |
| South Dakota | Legal throughout period |
| Tennessee | Legal throughout period |
| Texas | Legal throughout period |
| Utah | Legal throughout period |
| Vermont | Prohibited throughout period |
| Virginia | Legal throughout period |
| Washington | Legal throughout period |
| West Virginia | Prohibited throughout period |
| Wisconsin | Legal throughout period |
| Wyoming | Legal throughout period |
Figure 2. Concentration of payday lending establishments versus other credit industry establishments by state legal status of payday loans in 2008
| Payday Industries | Real estate credit industries | |
|---|---|---|
| States without a ban | 5.45 | 2.81 |
| States with a ban | 2.25 | 2.35 |
Figure 3: Concentration of payday loan industry establishments over time by legal status
| Year | Status | Concentration |
|---|---|---|
| 2006 | Legal | 4.93 |
| 2007 | Legal | 5.56 |
| 2008 | Legal | 5.60 |
| 2009 | Legal | 5.39 |
| 2010 | Legal | 5.05 |
| 2011 | Legal | 4.92 |
| 2006 | Prohibited | 2.41 |
| 2007 | Prohibited | 2.32 |
| 2008 | Prohibited | 2.23 |
| 2009 | Prohibited | 2.07 |
| 2010 | Prohibited | 1.87 |
| 2011 | Prohibited | 1.82 |
| 2006 | Became illegal | 3.73 |
| 2007 | Became illegal | 3.97 |
| 2008 | Became illegal | 3.67 |
| 2009 | Became illegal | 3.13 |
| 2010 | Became illegal | 2.63 |
| 2011 | Became illegal | 2.10 |
Notes: Author's calculations from Census Business Patterns data. See figure 1 for states that banned payday lending during this period
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