The following definitions apply in this Article:
(1) Applicant. A person who applies for registration as a facilitator of refund anticipation loans.
(2) Commission. The State Banking Commission.
(3) Commissioner. The Commissioner of Banks.
(4) Creditor. A person who makes a refund anticipation loan.
(5) Debtor. A person who receives the proceeds of a refund anticipation loan.
(6) Facilitator. A person who individually or in conjunction or cooperation with another person processes, receives, or accepts for delivery an application for a refund anticipation loan or a check in payment of refund anticipation loan proceeds or in any other manner facilitates the making of a refund anticipation loan.
(7) Person. An individual, a firm, a partnership, an association, a corporation, or another entity.
(8) Refund anticipation loan. A loan that the creditor arranges to be repaid directly from the proceeds of the debtor's income tax refund.
(9) Refund anticipation loan fee. The charges, fees, or other consideration charged or imposed by the creditor or facilitator for the making of a refund anticipation loan. This term does not include any charge, fee, or other consideration usually charged or imposed by the facilitator in the ordinary course of business for nonloan services, such as fees for tax return preparation and fees for electronic filing of tax returns.
(10) Registrant. A person who is registered as a facilitator of refund anticipation loans under this Article. (1989 (Reg. Sess., 1990), c. 881, s. 2.)
Sections: Previous 53-244.115 53-244.116 53-244.118 53-244.119 53-244.120 53-244.121 53-245 53-246 53-247 53-248 53-249 53-250 53-251 53-252 53-253 Next
Last modified: March 23, 2014