53-245. Title and scope. (a) Title. This Article shall be known and cited as the "Refund Anticipation Loan Act". (b) Scope. No person may individually or in conjunction or cooperation with another person process, receive, or accept for delivery an application for a refund anticipation loan or a check in payment of refund anticipation loan […]
53-246. Definitions. The following definitions apply in this Article: (1) Applicant. A person who applies for registration as a facilitator of refund anticipation loans. (2) Commission. The State Banking Commission. (3) Commissioner. The Commissioner of Banks. (4) Creditor. A person who makes a refund anticipation loan. (5) Debtor. A person who receives the proceeds of […]
53-247. Registration requirement. (a) Registration Requirement. No person may individually or in conjunction or cooperation with another person process, receive, or accept for delivery an application for a refund anticipation loan or a check in payment of refund anticipation loan proceeds without first being registered with the Commissioner in accordance with the registration procedure provided […]
53-248. Registration procedure; informal hearing. (a) Initial Registration. An application to become registered as a facilitator shall be in writing, under oath, and in a form prescribed by the Commissioner. The application shall contain all information prescribed by the Commissioner. Each application for registration shall be accompanied by a fee, payable to the Commissioner, of […]
53-249. Filing and posting of loan fees; disclosures. (a) Filing of Fee Schedule. – On or before January 2 of each year, each registrant shall file with the Commissioner a schedule of the refund anticipation loan fees for refund anticipation loans to be facilitated by the registrant during the succeeding year. Immediately upon learning of […]
53-250. Prohibited activities. A facilitator of a refund anticipation loan may not engage in any of the following activities: (1) Misrepresenting a material factor or condition of a refund anticipation loan. (2) Failing to arrange for a refund anticipation loan promptly after the debtor applies for the loan. (3) Engaging in any transaction, practice, or […]
53-251. Cease and desist; revocation of registration; penalties. (a) Cease and Desist Order. Upon the finding that any action of a registrant may be in violation of this Article or that the registrant has engaged in an unfair or deceptive act or practice, the Commissioner shall give reasonable notice to the registrant of the suspected […]
53-252. Appeal of Commissioner’s decision. The Commission may review any rule, regulation, order, or act of the Commissioner done pursuant to or with respect to the provisions of this Article. Any person aggrieved by any such rule, regulation, order, or act may appeal, pursuant to G.S. 53C-2-6, to the Commission for review upon giving notice […]
53-253. Rules; enforcement. The Banking Commission may adopt reasonable rules as necessary to effectuate the purpose of this Article, to provide for the protection of the borrowing public, and to assist registrants in interpreting this Article. In order to enforce this Article, the Commissioner may make investigations, subpoena witnesses, require audits and reports, and conduct […]
53-254. Exemption. This Article does not apply to a person who does not deal directly with debtors but who acts solely as an intermediary by processing or transmitting, electronically or otherwise, tax or credit information or by preparing for a facilitator refund anticipation loan checks to be delivered by the facilitator to the debtor. (1989 […]
