H.R. 7188 · 110th Congress
Tax Refund Anticipation Loan Consumer Protection Act
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
McCarthySponsorNo cosponsors.
Tax Refund Anticipation Loan Consumer Protection Act - Amends the Truth in Lending Act to prescribe advertising and disclosure requirements for tax refund anticipation loans.
What it does: CRS summary · Introduced in House · Sep 27, 2008
Tax Refund Anticipation Loan Consumer Protection Act - Amends the Truth in Lending Act to prescribe advertising and disclosure requirements for tax refund anticipation loans.
Prohibits an advertisement for an income tax refund anticipation loan from: (1) describing such a loan as a tax refund or rebate; or (2) advertising or soliciting tax preparation services as including the possibility of obtaining an immediate or rapid income tax refund or rebate if the refund or rebate involves an income tax refund anticipation loan origination.
Requires an advertisement for an income tax refund anticipation loan to disclose: (1) fees imposed by the originator in connection with the loan origination; (2) the applicable annual percentage rate (APR) and fees; and (3) the name of the creditor if other than the originator.
Sets forth contract and disclosure requirements for income tax refund anticipation loan origination services.
Instructs the Board of Governors of the Federal Reserve System to publish model disclosure forms to implement this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Tax Refund Anticipation Loan Consumer Protection Act
Latest action (Sep 27, 2008): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 27, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.