We analyse data on credit applications received by the leading provider of consumer credit in Italy (Findomestic). The data covers a period (1995..1999) during which the consumer credit market rapidly expanded and a new usury law came into force that set limits to interest rates. We investigate ways in which the law has affected the consumer credit market. We compute behavioural changes by controlling for changes in observable characteristics of the Findomestic clientele and argue that, under suitable identifying assumptions, these changes can be given a structural interpretation. If the usury law is assumed to have a differential impact on the supply of various types of credit but a uniform impact on demand, we can estimate a demand equation. Our key finding is that demand is interest rate elastic, particularly in the North, where the consumer credit market is more competitive.