Abstract
This paper provides a cursory overview and criticism of predatory lending laws then proposes a Uniform Law of Consumer Credit (ULCC) to work alongside the Truth in Lending Act to provide a complete, behaviorally informed, system of consumer financial protection that strives to keep credit affordable and to encourage innovative credit products. It argues that a uniform law will create sufficient state-to-state consistency to reduce the need for federal preemption and thereby bring the benefits of federalism - protection from agency capture, legislative responsiveness and experimentation at the state level - into consumer financial protection. Finally, it suggests five starting principles for drafting a ULCC: Lleyellyn’s legal realism, the jurisprudence of unfair and deceptive acts and practices, rationalizing consumer credit contracts with the law of contracts, incentives for safe and affordable credit, and effective remedies.
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