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92_HB4106ham002 LRB9214871JSpcam02 1 AMENDMENT TO HOUSE BILL 4106 2 AMENDMENT NO. . Amend House Bill 4106, AS AMENDED, 3 by replacing everything after the enacting clause with the 4 following: 5 "Section 1. Short title. This Act may be cited as the 6 Tax Refund Anticipation Loan Disclosure Act. 7 Section 5. Definitions. The following definitions apply 8 in this Act: 9 "Facilitator" means a person who individually or in 10 conjunction or cooperation with another person makes a refund 11 anticipation loan, processes, receives, or accepts for 12 delivery an application for a refund anticipation loan, 13 issues a check in payment of refund anticipation loan 14 proceeds, or in any other manner acts to allow the making of 15 a refund anticipation loan. "Facilitator" does not include a 16 bank, savings and loan association, credit union, or licensee 17 under the Consumer Installment Loan Act operating under the 18 laws of the United States or this State and does not include 19 any person who acts solely as an intermediary and does not 20 deal with the public in the making of the refund anticipation 21 loan. 22 "Borrower" means a person who receives the proceeds of a -2- LRB9214871JSpcam02 1 refund anticipation loan. 2 "Refund anticipation loan" means a loan arranged to be 3 repaid directly from the proceeds of a borrower's income tax 4 refunds. 5 "Refund anticipation loan fee" means the charges, fees, 6 or other consideration charged or imposed by the facilitator 7 for the making of a refund anticipation loan. A "refund 8 anticipation loan fee" does not include charges, fees, or 9 other consideration charged or imposed in the ordinary course 10 of business by a facilitator for services that do not result 11 in the making of a loan, including fees for tax return 12 preparation and fees for electronic filing of tax returns. 13 Section 10. Disclosure requirements. At the time a 14 borrower applies for a refund anticipation loan, a 15 facilitator shall disclose to the borrower on a document that 16 is separate from the loan application: 17 (1) the refund anticipation loan fee schedule; 18 (2) the estimated fee for preparing and 19 electronically filing a tax return; 20 (3) the date that the loan proceeds will be paid to 21 the borrower if the loan is approved; 22 (4) that the borrower is responsible for repayment 23 of the loan and related fees in the event the tax refund 24 is not paid or not paid in full; and 25 (5) the availability of electronic filing for the 26 income tax return of the borrower and the average time 27 announced by the federal Internal Revenue Service within 28 which the borrower can expect to receive a refund if the 29 borrower's return is filed electronically and the 30 borrower does not obtain a refund anticipation loan. 31 Section 15. Penalty. Any person who violates this Act is 32 guilty of a petty offense and shall be fined $500 for each -3- LRB9214871JSpcam02 1 offense. In addition, a facilitator who violates this Act 2 shall be liable to any aggrieved borrower in an amount equal 3 to 3 times the refund anticipation loan fee, plus a 4 reasonable attorney's fee, in a civil action brought in the 5 circuit court by the aggrieved borrower or by the Attorney 6 General on behalf of the aggrieved borrower. 7 Section 99. Effective date. This Act takes effect on 8 January 1, 2003.".
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