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.

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Definitions:

Financial Security

The condition of having stable income or other resources to support a standard of living now and in the foreseeable future.

Physiological Changes

Refers to the alterations in the normal functions of the human body due to various factors like age, disease, or environmental conditions.

Sense of Smell

The ability to perceive odors or scents through the olfactory system located in the nose.

Cranial Nerves

Twelve pairs of nerves that arise directly from the brain, not the spinal cord, and perform a variety of functions including sensory and motor activities.