Look at the Focus on Ethics box (How Fair Is Check into Cash) in Chapter 5 of

Question:

Look at the Focus on Ethics box ("How Fair Is Check into Cash") in Chapter 5 of the textbook. These, businesses quote an interest rate of 15% to loan customers (most of whom are fairly unsophisticated) and yet the EAR of the loan is close to 400%. Explain the wide discrepancy between these rates.
What do you believe is the correct regulatory response to these types of lenders?