The industry is moving fast to adapt to the changing regulatory climate—and watchdogs warn that state lawmakers and regulators may be surprised to see the same payday products under different names. “Pretty much any state that tries to get at the bottom line of payday lenders, we see some attempt at subterfuge,” says Sara Weed, co-author of a Center for Responsible Lending report on how payday firms evade state regulations. “Our approach is to continue to work with policymakers and grassroots organizations to provide a predictable and favorable legislative environment,” Advance America’s latest investor report explains.