Sec. 10. Disclosure requirements.

214 words·~1 min read·/il/chapter-815/act-177/10

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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.