                                 CODE OF VIRGINIA

ADVERTISING; POSTING REFUND ANTICIPATION LOAN FEE SCHEDULES; AND DISCLOSURES (§
6.2-2501)

A. Any facilitator who advertises the availability of a refund anticipation loan
shall not directly or indirectly represent the loan as a customer&#8217;s actual
refund. Any advertisement that mentions a refund anticipation loan shall state
conspicuously that it is a loan and that a fee or interest will be charged by
the lending institution. The advertisement shall also disclose the name of the
lending institution.

B. Every facilitator who offers to facilitate, or who facilitates, a refund
anticipation loan to a customer shall post a refund anticipation loan fee
schedule showing the current fees for refund anticipation loans facilitated at
the office, for the electronic filing of a customer&#8217;s tax return, for
setting up a refund account, and any other related activities necessary to
receive a refund anticipation loan. The refund anticipation loan fee schedule
also shall include a statement indicating that a customer may have the tax
return filed electronically without also obtaining a refund anticipation loan.

C. The refund anticipation loan fee schedule required by subsection B shall be
made in not less than 28-point type on a document measuring not less than 16
inches by 20 inches. The postings required in this section shall be displayed in
a prominent location at each office where any facilitator is offering to
facilitate or is facilitating a refund anticipation loan.

D. Prior to an applicant completing a refund anticipation loan application, a
facilitator that offers to facilitate a refund anticipation loan shall provide
to the applicant a disclosure clearly setting forth the following:

   1. The refund anticipation loan fee schedule;

   2. That a refund anticipation loan is a loan and is not the applicant&#8217;s
   actual income tax refund;

   3. That a customer can file an income tax return electronically without
   applying for a refund anticipation loan;

   4. The average amount of time, according to the Internal Revenue Service,
   within which a customer who does not obtain a refund anticipation loan can
   expect to receive a refund if a customer&#8217;s return is filed or mailed as
   follows:
   				a. Filed electronically and the refund is deposited directly into a
   customer&#8217;s bank account or mailed to a customer; and
   				b. Mailed to the Internal Revenue Service and the refund is deposited
   directly into a customer&#8217;s bank account or mailed to a customer;

   5. That the Internal Revenue Service does not guarantee that it will pay the
   full amount of the anticipated refund and it does not guarantee a specific
   date that a refund will be deposited into a customer&#8217;s bank account or
   mailed to a customer;

   6. That the borrower is responsible for the repayment of the refund
   anticipation loan and the related fees in the event that the tax refund is not
   paid or not paid in full;

   7. The estimated time within which the loan proceeds will be disbursed to the
   borrower if the loan is approved; and

   8. The fee that will be charged, if any, if the applicant&#8217;s loan is not
   approved.

E. Prior to consummating a refund anticipation loan transaction, a facilitator
shall provide to the applicant, in either written or electronic form, the
following:

   1. The estimated total fees for obtaining the refund anticipation loan;

   2. The estimated annual percentage rate for the applicant&#8217;s refund
   anticipation loan, using the guidelines established under the federal Truth in
   Lending Act (15 U.S.C. &#xA7; 1601 et seq.); and

   3. The various costs, fees, and finance charges, if applicable, associated
   with receiving a refund by mail or by direct deposit directly from the
   Internal Revenue Service, a refund anticipation loan, a refund anticipation
   check, or any other refund settlement options facilitated by the facilitator.

F. When an application involves more than one applicant, a disclosure pursuant
to this section need only be given to one of the applicants applying for the
refund anticipation loan.

HISTORY: 2006, c. 399, §§ 6.1-475, 6.1-476; 2010, c. 794.