State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-250

§53‑250.  Prohibited activities.

A facilitator of a refundanticipation loan may not engage in any of the following activities:

(1)        Misrepresenting amaterial factor or condition of a refund anticipation loan.

(2)        Failing to arrangefor a refund anticipation loan promptly after the debtor applies for the loan.

(3)        Engaging in anytransaction, practice, or course of business that operates a fraud upon anyperson in connection with a refund anticipation loan.

(4)        Facilitating arefund anticipation loan for which the refund anticipation loan fee is (i)different from the fee posted or the fee filed with the Commissioner or (ii) inan amount that the Commissioner has notified the facilitator is unconscionable.

(5)        Directly orindirectly arranging for payment of any portion of the refund anticipation loanfor check cashing, credit insurance, or any other good or service unrelated to(i) preparing and filing tax returns or (ii) facilitating refund anticipationloans.

(6)        Arranging for acreditor to take a security interest in any property of the debtor other thanthe proceeds of the debtor's tax refund to secure payment of the loan. (1989(Reg. Sess., 1990), c. 881, s. 2.)