Texas Finance Code

§ 352.004 — DISCLOSURE REQUIREMENTS

FI § 352.004Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 352. TAX REFUND ANTICIPATION LOANS

Statute text

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(a)A facilitator to which Section 352.002 applies shall discuss with and clearly disclose to a borrower, after the borrower's tax return has been prepared and before the loan is closed:

(1)the refund anticipation loan fee schedule;

(2)a written statement disclosing:

(A)that a refund anticipation loan is a loan and is not the borrower's actual income tax refund;

(B)that the taxpayer may file an income tax return electronically without applying for a refund anticipation loan;

(C)that the borrower is responsible for repayment of the loan and related fees if the tax refund is not paid or is insufficient to repay the loan;

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 27.002(5), eff. September 1, 2009.