Smith v. Check-N-Go of Illinois Book Reviews

Smith v. Check-N-Go of Illinois by Seventh Circuit U.S. Court of Appeals Book Summary

Argued November 9, 1999 We have for consideration two of the many payday-loan cases now pending in this court.1 A ""payday loan"" is a short-term loan that is to be repaid on the borrower's next payday. The transaction is handled with a minimum of paperwork; the loan agreement is a single sheet of paper, and the borrower receives cash within minutes of applying. The rate of interest is high (in the range of 500% annually), and the lender typically requires the borrower to write a check that can be submitted for payment after the borrower's next scheduled payday. We held in Smith v. Cash Store Management, Inc., No. 99-2472 (7th Cir. Oct. 27, 1999), that a lender does not violate the Truth in Lending Act, 15 U.S.C. sec.sec. 1601-77, or its implementing regulations, by referring to the post-dated check as ""security."" We also concluded that a receipt stapled to the front of the loan agreement, and obscuring some of its terms, might violate the requirement that all disclosures be made ""clearly and conspicuously"". 15 U.S.C. sec.1632(a); 12 C.F.R. sec.226.17(a)(1). (Congress has authorized the Federal Reserve to make regulations with the force of law. 15 U.S.C. sec.1604(a).) The two appeals consolidated for treatment here present a third question: whether a circle drawn by hand around the due date violates the rule that the finance charge and annual percentage rate be ""more conspicuous than any other disclosure, except the creditor's identity"". 12 C.F.R. sec.226.17(a)(2). Section 226.17(a) provides:

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