States Respond to Emerging Industry

State Legislative Status

Majority of states have considered and enacted balanced, responsible legislation, for example:

• 37 states and the District of Columbia regulate payday advance;
• In last four years alone, 8 states (AL, AK, DE, IN, MI, NH, OK, and VA) enacted new legislation that specifically authorized and regulated the service, 15 states reauthorized legislation.

Model Legislation

• CFSA has drafted a model bill with Best Practices as its foundation;
• The Association supports and encourages incorporation of Best Practices into state legislation so that CFSA's high standards raise the bar for all providers in the state;
• In 1999, the American Legislative Exchange Council (ALEC) adopted CFSA's model bill; and
• In 2001, the Committee on Suggested State Legislation of the Council of State Governments unanimously adopted the industry-supported model bill that was enacted in Colorado.