§3579.4.  Disclosure requirements

A.  A facilitator shall discuss with and clearly disclose to a borrower, after the borrower's tax return has been prepared and before the loan is closed, all of the following items:

(1)  The refund anticipation loan fee schedule.

(2)  A written statement disclosing all of the following items:

(a)  That a refund anticipation loan is a loan and is not the borrower's actual income tax refund.

(b)  That the taxpayer may file an income tax return electronically without applying for a refund anticipation loan.

(c)  That the borrower is responsible for repayment of the loan and related fees if the tax refund is not paid or is insufficient to repay the loan.

(d)  Any fee that will be charged if the loan is not approved.

(e)  The average time, as published by the Internal Revenue Service, within which a taxpayer can expect to receive a refund for an income tax return filed by either of the following methods:

(i)  Electronically, and the refund is delivered by either of the following methods:

(aa)  Deposited directly into the taxpayer's bank account.

(bb)  Mailed to the taxpayer.

(ii)  By mail, and the refund is delivered by either of the following methods:

(aa)  Deposited directly into the taxpayer's financial institution account.

(bb)  Mailed to the taxpayer.

(f)  That the Internal Revenue Service does not make either of the following guarantees:

(i)  Payment of the full amount of the anticipated refund.

(ii)  A specific date on which it will mail a refund or deposit the refund into a taxpayer's financial institution account.

(g)  The estimated time within which the proceeds of the refund anticipation loan will be paid to the borrower if the loan is approved.

(3)  All of the following information, specific to the borrower:

(a)  The estimated total fees for the loan.

(b)  The estimated annual percentage rate for the loan, calculated using the guidelines established under the Truth in Lending Act, 15 U.S.C. 1601 et seq.

B.  A refund anticipation loan fee schedule required by Paragraph (A)(1) of this Section, shall be a listing or table of refund anticipation loan fees charged by the lender for refund anticipation loan amounts. The schedule shall include all of the following:

(1)  Each fee imposed related to the making of a refund anticipation loan listed separately.

(2)  The total amount of fees imposed related to the making of a refund anticipation loan.

(3)  For each stated loan amount, the estimated annual percentage rate for the loan, calculated using the guidelines established under the Truth in Lending Act, 15 U.S.C. 1601 et seq.

C.  Tax preparers who facilitate refund anticipation loans shall post the schedule of fees imposed by the facilitator for making refund anticipation loans in a conspicuous manner at the tax preparer's location.

Acts 2010, No. 975, §1, eff. Jan. 1, 2011.