6-51 as of 2009,which of the Following Is True Concerning

question 24

Multiple Choice

6-51 As of 2009,which of the following is true concerning payday lending?

• A)The typical borrower earns less than $25,000.
• B)Payday lending has been effectively banned in 12 states.
• C)Interest rate on payday loans were capped at an annual interest rate of 30% by federal legislation.
• D)Less than $30 billion of payday loans were generated by the industry.
• E)Payday lenders were banned from forming relationships with nationally chartered banks.