Section 446.111 – Short Title.

446.111 Short title. Sec. 1. This act shall be known and may be cited as the “refund anticipation loan disclosure act”. History: 2009, Act 66, Imd. Eff. July 9, 2009

Section 446.113 – Definitions.

446.113 Definitions. Sec. 3. As used in this act: (a) “Annual percentage rate” means the rate as computed under the federal truth in lending act, 15 USC 1601 to 1667f. (b) “Facilitator” means a person that individually or in conjunction or cooperation with another person processes, receives, or accepts for delivery an application for a […]

Section 446.115 – Information to Be Disclosed to Taxpayer by Facilitator.

446.115 Information to be disclosed to taxpayer by facilitator. Sec. 5. Before a taxpayer completes an application for a refund anticipation loan, the facilitator shall clearly disclose all of the following in writing to the taxpayer on a form separate from the application: (a) A listing or table of refund anticipation loan fees and the […]

Section 446.117 – Information to Be Disclosed Before Entering Agreement.

446.117 Information to be disclosed before entering agreement. Sec. 7. Before entering into a refund anticipation loan agreement, the facilitator shall clearly disclose both of the following to the taxpayer: (a) The estimated total fees for the refund anticipation loan. (b) The estimated annual percentage rate for the refund anticipation loan. History: 2009, Act 66, […]

Section 446.119 – Violation as Misdemeanor; Penalty.

446.119 Violation as misdemeanor; penalty. Sec. 9. A person, including, but not limited to, a facilitator or a member, officer, director, agent, or employee of a facilitator, that violates or participates in a violation of this act is guilty of a misdemeanor punishable by a fine of not more than $500.00 or imprisonment for not […]

Section 446.121 – Preemption.

446.121 Preemption. Sec. 11. A political subdivision of this state shall not adopt any rule, regulation, code, or ordinance to restrict or limit any requirements under this act relating to refund anticipation loans. This act supersedes and preempts any rule, regulation, code, or ordinance of any political subdivision of this state relating to refund anticipation […]