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American Law and Economics Review V4 N1 2002 (168-207)
© 2002 American Law and Economics Association

Article

The Law and Economics of Consumer Finance

Richard Hynes and Eric A. Posner

Richard Hynes, College of William and Mary, and
Eric A. Posner, University of Chicago

Send correspondence to: Richard Hynes, William & Mary Law School, P.O. Box 8795, Williamsburg, VA 23187-8795; E-mail: rmhyne{at}wm.edu

Abstract

This survey of the law and economics of consumer finance discusses economic models of consumer lending and evaluates the major consumer finance laws in light of them. We focus on usury laws; restrictions on creditor remedies, such as the ban on expansive security interests; bankruptcy law; limitations on third-party defenses, such as the holder-in-due-course doctrine; information disclosure rules, including the Truth in Lending Act; and antidiscrimination law. We also discuss the empirical literature.


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