Styles in branch counts
Numbers 1, 2, 3, 4, and 5 display the styles in noticed running, opening, and shutting branches for payday loan providers, pawnbrokers, precious-metals dealers, small-loan loan providers, and second-mortgage lenders in the state-level by duration. corresponds to Period 1. The APR ban had been finalized because of the state governor in Period 30, initially enacted in Period 33, and lastly effective in Period 35; these occasions are suggested in each figure because of the solid straight lines.
From Fig. 1, the amount of running lending that is payday grows from durations 1 to 36 with a tiny decline in Period 24. The sheer number of operating payday lenders stays high until Period 37. this is certainly two durations following the policy took impact and, most critical, the time scale after which current payday lending licenses expired. The timing of the structural changes shows the effectiveness associated with the policy in determining practicing payday loan providers and decreasing the range running payday lenders to zero.