H.R.7188 - Tax Refund Anticipation Loan Consumer Protection Act110th Congress (2007-2008)
|Sponsor:||Rep. McCarthy, Carolyn [D-NY-4] (Introduced 09/27/2008)|
|Committees:||House - Financial Services|
|Latest Action:||House - 09/27/2008 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.7188 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (09/27/2008)
Tax Refund Anticipation Loan Consumer Protection Act - Amends the Truth in Lending Act to prescribe advertising and disclosure requirements for tax refund anticipation loans.
Prohibits an advertisement for an income tax refund anticipation loan from: (1) describing such a loan as a tax refund or rebate; or (2) advertising or soliciting tax preparation services as including the possibility of obtaining an immediate or rapid income tax refund or rebate if the refund or rebate involves an income tax refund anticipation loan origination.
Requires an advertisement for an income tax refund anticipation loan to disclose: (1) fees imposed by the originator in connection with the loan origination; (2) the applicable annual percentage rate (APR) and fees; and (3) the name of the creditor if other than the originator.
Sets forth contract and disclosure requirements for income tax refund anticipation loan origination services.
Instructs the Board of Governors of the Federal Reserve System to publish model disclosure forms to implement this Act.