Introduced
by
To require providers of tax refund anticipation loans to disclose various items to customers, including that these transactions are an extension of credit, that there is no guarantee that the full amount claimed will be refunded, the full interest rate on these loans, and more. The bill would also grant consumers a right of rescission within one business day if they change their mind.
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 106 to 3 (details)
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 33 to 0 (details)
To require providers of tax refund anticipation loans to disclose various items to customers, including that these transactions are an extension of credit, that there is no guarantee that the full amount claimed will be refunded, the full interest rate on these loans, and more. The bill would also grant consumers a right of rescission within one business day if they change their mind.
