Illinois Compiled Statutes 815 ILCS 177 Tax Refund Anticipation Loan Reform Act. Section 10

    (815 ILCS 177/10)

    Sec. 10. Disclosure requirements. At the time a consumer applies for a refund anticipation loan or check, a facilitator shall disclose to the consumer on a document that is separate from the application:

        (1) the fee for the refund anticipation loan or

    refund anticipation check;

        (1.5) for refund anticipation loans, disclosure of

    the refund anticipation loan interest rate. The refund anticipation loan interest rate shall be calculated as set forth in Section 5;

        (2) the estimated fee for preparing and

    electronically filing a tax return;

        (2.5) for refund anticipation loans, the total cost

    to the consumer for utilizing a refund anticipation loan;

        (3) for refund anticipation loans, the estimated date

    that the loan proceeds will be paid to the consumer if the loan is approved;

        (4) for refund anticipation loans, that the consumer

    is responsible for repayment of the loan and related fees in the event the tax refund is not paid or not paid in full; and

        (5) for refund anticipation loans, the availability

    of electronic filing for the income tax return of the consumer and the average time announced by the federal Internal Revenue Service within which the consumer can expect to receive a refund if the consumer's return is filed electronically and the consumer does not obtain a refund anticipation loan.

(Source: P.A. 97-849, eff. 1-1-13.)

Sections:  Previous  1  5  10  15  25  30  35  40  99  Next

Last modified: February 18, 2015