§ 14-3803

Maryland § 14-3803

• Jurisdiction: Maryland
• Article gcl: Commercial Law
• Title: 14

Text

(a) A facilitator shall display, in a prominent place at each business location of the facilitator, a schedule of the fees charged for facilitating refund anticipation loans and refund anticipation checks.

(b) A facilitator shall include on each fee schedule the following:

(1) Examples of the annual percentage rate charged for refund anticipation loans in the amounts of:

(i) $250;

(ii) $500;

(iii) $1,000; and

(iv) $2,500;

(2) A legend, centered and in bold capital letters in at least 14 point type, stating:

“NOTICE CONCERNING REFUND ANTICIPATION LOANS”; and

(3) The following statement:

“When you take out a refund anticipation loan, you are borrowing money against your tax refund. If your tax refund is less than expected, you will still owe the entire amount of the refund anticipation loan. If your tax refund is delayed, you may have to pay additional costs. You usually can get your tax refund in 8 to 15 days without paying any extra fees for a refund anticipation loan. You can have your tax return filed electronically and your refund direct deposited into your own bank account without obtaining a refund anticipation loan or paying fees for an extra product.”.

(c) The fee schedule and disclosures required under subsections (a) and (b) of this section shall be printed in at least 14 point type on a sign not less than 16 by 20 inches.

(d) A facilitator may not charge any fee to a consumer for facilitating a refund anticipation loan or refund anticipation check that is not disclosed on or is different from the fee shown on the schedule required under this section.