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Current as of January 01, 2023 | Updated by FindLaw Staff
A facilitator of a refund anticipation loan may not engage in any of the following activities:
(1) Misrepresenting a material factor or condition of a refund anticipation loan.
(2) Failing to arrange for a refund anticipation loan promptly after the debtor applies for the loan.
(3) Engaging in any transaction, practice, or course of business that operates a fraud upon any person in connection with a refund anticipation loan.
(4) Facilitating a refund anticipation loan for which the refund anticipation loan fee is (i) different from the fee posted or the fee filed with the Commissioner or (ii) in an amount that the Commissioner has notified the facilitator is unconscionable.
(5) Directly or indirectly arranging for payment of any portion of the refund anticipation loan for check cashing, credit insurance, or any other good or service unrelated to (i) preparing and filing tax returns or (ii) facilitating refund anticipation loans.
(6) Arranging for a creditor to take a security interest in any property of the debtor other than the proceeds of the debtor's tax refund to secure payment of the loan.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 53. Regulation of Financial Services § 53-250. Prohibited activities - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-53-regulation-of-financial-services/nc-gen-st-sect-53-250/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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