MI HB4166

Requires facilitators to disclose refund anticipation loan fees, annual percentage rates, and terms in writing on a separate form before a taxpayer completes a loan application.

Mandates disclosure of a fee and interest rate schedule for at least 3 representative loan amounts, clearly stating that the loan is an extension of credit rather than the actual tax refund.

Requires facilitators to inform taxpayers of available alternatives including electronic filing without a loan, expected refund timelines from the IRS or Michigan Department of Treasury, and that taxpayers remain responsible for loan repayment if the refund is not paid in full.

Establishes penalties for violations as a misdemeanor punishable by a fine of up to $500 or imprisonment for up to 93 days, or both.

Preempts all local rules, regulations, and ordinances relating to refund anticipation loans and takes effect only if House Bill 4607 is also enacted into law.