(a) Refund anticipation loan.- At the time a consumer applies through a facilitator for a refund anticipation loan, the facilitator orally shall inform the consumer:
(1) That the product is a loan that lasts 1 to 2 weeks;
(2) That if the consumer's tax refund is less than expected, the consumer is liable for the full amount of the refund anticipation loan and must repay any difference;
(3) The amount of the refund anticipation loan fee; and
(4) The annual percentage rate payable on the refund anticipation loan.
(b) Refund anticipation check.- At the time a consumer applies through a facilitator for a refund anticipation check, the facilitator orally shall inform the consumer:
(1) Of the amount of the refund anticipation check; and
(2) That the consumer may receive a tax refund in the same amount of time without paying a fee if the consumer's tax return is filed electronically and the consumer direct deposits the tax refund into the consumer's own bank account.
(c) Language requirements.- The disclosures required by this section shall be provided in the language primarily used for oral communication between the facilitator and the consumer.
(a) Refund anticipation loan.- At the time a consumer applies through a facilitator for a refund anticipation loan, the facilitator orally shall inform the consumer:
(1) That the product is a loan that lasts 1 to 2 weeks;
(2) That if the consumer's tax refund is less than expected, the consumer is liable for the full amount of the refund anticipation loan and must repay any difference;
(3) The amount of the refund anticipation loan fee; and
(4) The annual percentage rate payable on the refund anticipation loan.
(b) Refund anticipation check.- At the time a consumer applies through a facilitator for a refund anticipation check, the facilitator orally shall inform the consumer:
(1) Of the amount of the refund anticipation check; and
(2) That the consumer may receive a tax refund in the same amount of time without paying a fee if the consumer's tax return is filed electronically and the consumer direct deposits the tax refund into the consumer's own bank account.
(c) Language requirements.- The disclosures required by this section shall be provided in the language primarily used for oral communication between the facilitator and the consumer.
(a) Refund anticipation loan.- At the time a consumer applies through a facilitator for a refund anticipation loan, the facilitator orally shall inform the consumer:
(1) That the product is a loan that lasts 1 to 2 weeks;
(2) That if the consumer's tax refund is less than expected, the consumer is liable for the full amount of the refund anticipation loan and must repay any difference;
(3) The amount of the refund anticipation loan fee; and
(4) The annual percentage rate payable on the refund anticipation loan.
(b) Refund anticipation check.- At the time a consumer applies through a facilitator for a refund anticipation check, the facilitator orally shall inform the consumer:
(1) Of the amount of the refund anticipation check; and
(2) That the consumer may receive a tax refund in the same amount of time without paying a fee if the consumer's tax return is filed electronically and the consumer direct deposits the tax refund into the consumer's own bank account.
(c) Language requirements.- The disclosures required by this section shall be provided in the language primarily used for oral communication between the facilitator and the consumer.
