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4-116-105. Application disclosures.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-116-105. Application disclosures.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-116-105

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Stable record: arkansas_code:legal_authorities:4-116-105
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 21d0803393aaa855881d7022b9fe5e6e252a5080a3938c290eb3304d3f827c56

Source location: content.xml paragraph 38903

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4-116-105. Application disclosures. (a) When a consumer applies for a refund anticipation loan, the facilitator shall disclose to the consumer on a colored-paper form separate from the application in 14-point type face, the following information: (1) The fee for the refund anticipation loan, including the fee for the tax preparation and other fees charged the consumer; (2) The time within which the proceeds of the refund anticipation loan will be paid to the consumer if the loan is approved; (3) For refund anticipation loans, the following disclosures: (A) A legend, centered, in bold, capital letters, and in 18-point type stating: “NOTICE”; and (B) The statement: “This is a loan. You are borrowing money against your tax refund. If your tax refund is less than expected, you will still owe the entire amount of the loan. If your refund is delayed, you may have to pay additional costs. YOU CAN USUALLY GET YOUR REFUND IN 8 TO 15 DAYS WITHOUT GETTING A LOAN OR PAYING EXTRA FEES. You can have your tax return filed electronically and your refund direct deposited into your bank account without obtaining a loan or other paid product.”; and (4)(A) For refund anticipation loans, disclosure of the refund anticipation loan interest rate. (B) The refund anticipation loan interest rate shall be calculated utilizing the guidelines established under the federal Truth in Lending Act, 15 U.S.C. § 1601 et seq., as it existed on January 1, 2009. (b) If a consumer applies for a refund anticipation check, the facilitator shall disclose to the consumer on a colored-paper form separate from the application in 14-point type face, the following information: (1) The fee for the refund anticipation check, including the fee for tax preparation and other fees charged the consumer; (2) The time within which the proceeds of the refund anticipation check will be paid to the consumer; and (3) The following disclosures: (A) A legend, centered, in bold, capital letters, and in 18-point type stating: “NOTICE”; and (B) The statement: “You are paying [amount of refund anticipation check fee] to get your refund check through [name of issuer of the refund anticipation check]. YOU CAN AVOID THIS FEE AND STILL RECEIVE YOUR REFUND IN THE SAME AMOUNT OF TIME BY HAVING YOUR REFUND DIRECTLY DEPOSITED INTO YOUR BANK ACCOUNT. You can also wait for the Internal Revenue Service to mail you a check.” (c) The facilitator shall provide to the consumer before completing the loan or check transaction in a form that can be kept by the consumer the following: (1) The disclosures required by this subsection; (2) A copy of the completed loan or check application and agreement; and (3) For refund anticipation loans, the disclosures required by the federal Truth in Lending Act. (d) The disclosures required by this section shall be provided in English and in the language used primarily for oral communication between the facilitator and the consumer.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. **(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601

Stored review status: release_metadata_unconfirmed. The source passage cites 15 U.S.C. § 1601. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of

Page 1452 TITLE 15—COMMERCE AND TRADE § 1601 Sec. 1679f. Noncompliance with this subchapter. 1679g. Civil liability. 1679h. Administrative enforcement. 1679i. Statute of limitations. 1679j. Relation to State law. SUBCHAPTER III—CREDIT REPORTING AGENCIES 1681. Congressional findings and statement of pur- pose. 1681a. Definitions; rules of construction. 1681b. Permissible purposes of consumer reports. 1681c. Requirements relating to information con- tained in consumer reports. 1681c–1. Identity theft prevention; fraud alerts and ac- tive duty alerts. 1681c–2. Block of information resulting from identity theft. 1681c–3. Adverse information in cases of trafficking. 1681d. Disclosure of investigative consumer reports. 1681e. Compliance procedures. 1681f. Disclosures to governmental agencies. 1681g. Disclosures to consumers. 1681h. Conditions and form of disclosure to con- sumers. 1681i. Procedure in case of disputed accuracy. 1681j. Charges for certain disclosures. 1681k. Public record information for employment purposes. 1681l. Restrictions on investigative consumer re- ports. 1681m. Requirements on users of consumer reports. 1681n. Civil liability for willful noncompliance. 1681o. Civil liability for negligent noncompliance. 1681p. Jurisdiction of courts; limitation of actions. 1681q. Obtaining information under false pretenses. 1681r. Unauthorized disclosures by officers or em- ployees. 1681s. Administrative enforcement. 1681s–1. Information on overdue child support obliga- tions. 1681s–2. Responsibilities of furnishers of information to consumer reporting agencies. 1681s–3. Affiliate sharing. 1681t. Relation to State laws. 1681u. Disclosures to FBI for counterintelligence purposes. 1681v. Disclosure

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1601

Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 1601. This identifies an authority to review, not proof of applicability.