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Legislation watch
2009 House Bill 4166: Require disclosures by tax refund anticipation loan providers
Public Act 66 of 2009
Introduced by Rep. Rashida Tlaib D- on February 4, 2009
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. Official Text and Analysis.
Referred to the House Banking and Financial Services Committee on February 4, 2009
Reported in the House on March 19, 2009
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on March 24, 2009
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 in the House on March 24, 2009
Received in the Senate on March 25, 2009
Referred to the Senate Banking and Financial Institutions Committee on March 25, 2009
Reported in the Senate on June 24, 2009
With the recommendation that the bill pass.
Signed by Gov. Jennifer Granholm on July 9, 2009