Synopsis As Introduced Amends the Tax Refund Anticipation Loan Disclosure Act. Changes the short title of the Act to the Tax Refund Anticipation Loan Reform Act. Makes changes concerning disclosure requirements, prohibited activities, interest rate limits for non-bank refund anticipation loans, and defined terms. Provides a calculation for the refund anticipation loan interest rate. Provides that a person who violates the Tax Refund Anticipation Loan Reform Act commits an unlawful practice under the Consumer Fraud and Deceptive Practices Act. Makes conforming changes in the Currency Exchange Act and the Consumer Fraud and Deceptive Business Practices Act. Contains a severability provision. Effective immediately.
Replaces everything after the enacting clause with a version substantially identical to the bill as introduced. Provides that savings banks savings and loan association, banks, and credit unions operating under the laws of Illinois or the United States are not subject to the Act. Limits requirement to make certain disclosures to refund anticipation loans and checks. Effective immediately.