6.1-474 - (Repealed effective October 1, 2010) Definitions.
§ 6.1-474. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, unless the context requires a different meaning:
"Applicant" means a customer who applies for a refund anticipation loanthrough a facilitator.
"Borrower" means an applicant who receives a refund anticipation loanthrough a facilitator.
"Customer" means an individual for whom tax preparation services areperformed.
"Facilitator" means a person who receives or accepts for delivery anapplication for a refund anticipation loan, delivers a check in payment ofrefund anticipation loan proceeds, or in any other manner acts to allow themaking of a refund anticipation loan. "Facilitator" does not include abank, thrift, savings association, industrial bank, or credit union,operating under the laws of the United States or the Commonwealth, anaffiliate that is a servicer for such an entity, or any person who actssolely as an intermediary and does not deal with an applicant in the makingof the refund anticipation loan.
"Refund anticipation loan" means a loan, whether provided through afacilitator or by another entity such as a financial institution, inanticipation of, and whose payment is secured by, a customer's federal orstate income tax refund or by both.
"Refund anticipation loan fee" means any fee, charge, or otherconsideration imposed by a lender or a facilitator for a refund anticipationloan. The term does not include any fee, charge, or other considerationusually imposed by a facilitator in the ordinary course of business fornonloan services, such as fees for preparing tax returns and fees for theelectronic filing of tax returns.
"Refund anticipation loan fee schedule" means a list or table of refundanticipation loan fees that includes three or more representative refundanticipation loan amounts. The schedule shall separately list each fee orcharge imposed, as well as a total of all fees imposed, related to the makingof a refund anticipation loan. The schedule shall also include, for eachrepresentative loan amount, the estimated annual percentage rate calculatedunder the guidelines established by the federal Truth in Lending Act (15U.S.C. § 1601 et seq.).
"Tax return" means a return, declaration, statement, refund claim, or otherdocument required to be made or filed in connection with state or federalincome taxes.
(2006, c. 399.)