§ 4-116-102. Definitions
(1) “Consumer” means a person who, individually or in conjunction with another consumer, is solicited for, applies for, or receives a refund anticipation loan or refund anticipation check; (2) “Creditor” means a person who makes a refund anticipation loan or who takes an assignment of a refund anticipation loan; (3) (A) “Facilitator” means a person […]
§ 4-114-102. Scope and purpose
(a) The purpose of this chapter is to: (1) Create a legal framework within which service contracts are defined, may be sold, and are regulated in this state; (2) Add significant consumer protections; and (3) Eliminate unnecessary administration. (b) A service contract under § 4-114-103 is not insurance and is not subject to the Arkansas […]
§ 4-116-103. Scope
Unless a facilitator has complied with the provisions of this chapter, a facilitator, including any officer, agent, employee or representative, individually or in conjunction or cooperation with another person, shall not: (1) Solicit the execution of, process, receive, or accept an application or agreement for a refund anticipation loan or refund anticipation check; or (2) […]
§ 4-114-103. Definitions
As used in this chapter: (1) “Administrator” means the person who is responsible for the administration of a service contract; (2) “Consumer” means an individual who buys other than for purposes of resale any tangible personal property that is distributed in commerce and that is normally used for personal, family, or household purposes and not […]
§ 4-116-104. Posting of fee schedules and disclosures
(a) A facilitator shall display a schedule showing the current fees for refund anticipation loans or refund anticipation checks facilitated at the office. (b) A facilitator also shall prominently display on each fee schedule the following information: (1) Examples of the interest rates charged for refund anticipation loans in the amounts of: (A) Two hundred […]
§ 4-114-104. Requirements for doing business
(a) A provider may appoint an administrator or other designee to be responsible for all or part of the administration of service contracts and compliance with this chapter. (b) Service contracts shall not be issued, sold, or offered for sale in this state unless the provider or its designee has: (1) Provided a receipt or […]
§ 4-116-105. Application disclosures
(a) When a consumer applies for a refund anticipation loan, the facilitator shall disclose to the consumer on a colored-paper form separate from the application in 14-point type face, the following information: (1) The fee for the refund anticipation loan, including the fee for the tax preparation and other fees charged the consumer; (2) The […]
§ 4-114-105. Required disclosures — Reimbursement insurance policy
(a) Reimbursement insurance policies insuring service contracts issued, sold, or offered for sale in this state shall state that the insurer that issued the reimbursement insurance policy shall: (1) Reimburse or pay on behalf of the provider any covered sums the provider is legally obligated to pay; or (2) In the event of the provider’s […]
§ 4-114-106. Required disclosure — Service contracts
(a) A service contract issued, sold, or offered for sale in this state shall: (1) Be written in clear, understandable language that is easy to read; and (2) Conspicuously disclose the applicable requirements of this section. (b) (1) A service contract insured under a reimbursement insurance policy under § 4-114-104(d)(1) shall contain the name and […]
§ 4-114-107. Prohibited acts
(a) (1) A provider shall not use a name: (A) With the words “insurance”, “casualty”, “surety”, “mutual”, or any other words descriptive of the insurance, casualty, or surety business; or (B) Deceptively similar to the name or description of any insurance or surety corporation or any other provider. (2) (A) This subsection shall not apply […]