2005 Nevada Revised Statutes - Chapter 604B — Refund Anticipation Loans
CHAPTER 604B - REFUND ANTICIPATION LOANS
GENERAL PROVISIONS
NRS 604B.010 Definitions.
NRS 604B.020 Customerdefined.
NRS 604B.030 Facilitatorof a refund anticipation loan or facilitator defined.
NRS 604B.040 InternalRevenue Service defined.
NRS 604B.050 Lenderdefined.
NRS 604B.060 Refundanticipation loan defined.
NRS 604B.070 Refundanticipation loan fee defined.
NRS 604B.080 Refundanticipation loan fee schedule defined.
NRS 604B.090 RegulationZ defined.
NRS 604B.100 Taxpreparer defined.
NRS 604B.110 Taxreturn defined.
NRS 604B.120 Truthin Lending Act defined.
REGULATION OF BUSINESS PRACTICES
NRS 604B.200 Postingof fee schedule.
NRS 604B.210 Requireddisclosures.
NRS 604B.220 Prohibitedpractices by facilitator.
REMEDIES AND PENALTIES
NRS 604B.900 Penalty.
NRS 604B.910 Remedies,penalties, duties and prohibitions in chapter not exclusive; violationconstitutes deceptive trade practice.
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GENERAL PROVISIONS
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1. Facilitator of a refund anticipation loan orfacilitator means a person who:
(a) Receives or accepts for delivery an application fora refund anticipation loan;
(b) Delivers a check in payment of the proceeds of arefund anticipation loan; or
(c) In any other manner, acts to allow or facilitatesthe offering or making of a refund anticipation loan.
2. The term includes, without limitation, a taxpreparer who engages in any of the acts described in subsection 1.
3. The term does not include:
(a) A bank, thrift, savings association, industrialbank or credit union operating under the laws of the United States or thisState;
(b) An affiliate, other than a tax preparer, that is aservicer for such an entity; or
(c) Any person who acts solely as an intermediary anddoes not deal with a customer in the making of a refund anticipation loan.
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1. Refund anticipation loan means a loan offered ormade to a customer by a lender or through a facilitator based on the customersanticipated federal income tax refund.
2. The term includes, without limitation, a refundanticipation loan offered or made using electronic commerce.
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1. Refund anticipation loan fee means any fee,charge or other consideration imposed by a lender or a facilitator for a refundanticipation loan.
2. The term does not include any fee, charge or otherconsideration usually imposed by a facilitator in the ordinary course ofbusiness for nonloan services, such as fees for preparing tax returns and feesfor the electronic filing of tax returns.
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1. Refund anticipation loan fee schedule means alisting or table of refund anticipation loan fees charged by a lender or afacilitator for three or more representative refund anticipation loan amounts.
2. A refund anticipation loan fee schedule must:
(a) List separately each fee or charge imposed and atotal of all fees and charges imposed which are related to the making of refundanticipation loans; and
(b) Include, for each representative loan amount, theestimated annual percentage rate calculated under the guidelines established bythe Truth in Lending Act and Regulation Z.
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REGULATION OF BUSINESS PRACTICES
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1. If a facilitator of a refund anticipation loanoffers a customer an opportunity to apply for a refund anticipation loan, thefacilitator shall provide to the customer, before the customer completes theapplication process, the following disclosures:
(a) The refund anticipation loan fee schedule used bythe facilitator; and
(b) A written statement or, if the transaction isconducted using electronic commerce, an electronic statement, in at least10-point type, containing the following information:
(1) A disclosure that the refund anticipationloan is a loan which creates a legally enforceable debt and that the loan isnot the customers actual tax refund;
(2) A disclosure that the customer may file atax return electronically without applying for the refund anticipation loan;
(3) A disclosure of the average times, accordingto the Internal Revenue Service, within which a person who does not obtain arefund anticipation loan can expect to receive a tax refund if the person:
(I) Files a tax return electronically andthe persons tax refund is directly deposited to the persons account or mailedto the person; or
(II) Mails a tax return to the InternalRevenue Service and the persons tax refund is directly deposited to thepersons account or mailed to the person;
(4) A disclosure that the Internal RevenueService does not guarantee that a person will be paid the full amount of ananticipated tax refund and does not guarantee that an anticipated tax refundwill be deposited into a persons account or mailed to a person on a specificdate;
(5) A disclosure that the customer isresponsible for repayment of the refund anticipation loan and related fees andcharges if the anticipated tax refund is not paid or paid in full;
(6) A disclosure of the estimated time withinwhich the proceeds of the refund anticipation loan will be paid to the customerif the loan is approved; and
(7) A disclosure of the fee or charge that willbe imposed, if any, if the refund anticipation loan is not approved.
2. In addition to the disclosures required pursuant tosubsection 1, the facilitator shall provide to the customer, before the loantransaction is completed, the following additional disclosures:
(a) The estimated total fees and charges for obtainingthe refund anticipation loan; and
(b) The estimated annual percentage rate for the refundanticipation loan calculated under the guidelines established by the Truth inLending Act and Regulation Z.
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1. Misrepresent a material factor or condition of arefund anticipation loan;
2. Fail to process the application for a refundanticipation loan promptly after the customer applies for the loan;
3. Engage in any dishonest, fraudulent, unfair,unconscionable or unethical practice or conduct in connection with a refundanticipation loan;
4. Arrange for a lender to take a security interest inany property of the customer, other than the proceeds of the customers taxrefund and the account into which that tax refund is deposited, to securepayment of the loan; or
5. Offer a refund anticipation loan to a customer inan amount that, when added to the refund anticipation loan fees and any otherfees or charges related to the loan or the preparation of the tax return,exceeds the amount of the customers anticipated tax refund.
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REMEDIES AND PENALTIES
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1. The remedies, penalties, duties and prohibitionsset forth in this chapter are not exclusive and are in addition to any otherremedies, penalties, duties and prohibitions provided by law.
2. Any violation of this chapter constitutes adeceptive trade practice for the purposes of the civil and administrativeremedies and penalties set forth in NRS598.0903 to 598.0999, inclusive.
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