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MI HB4607

Bill

Official Source

Status

Passed

7/14/2009

Primary Sponsor

Lesia Liss

Click for details

Origin

House of Representatives

95th Legislature

AI Summary

  • Prohibits facilitators from requiring consumers to obtain a refund anticipation loan in order to complete a tax return
  • Prohibits facilitators from misrepresenting material factors or conditions of refund anticipation loans, failing to process applications, or engaging in fraudulent transactions related to such loans
  • Allows borrowers to rescind refund anticipation loans by the close of business the day after the loan is made by returning the check or paying the loan amount via money order or certified check
  • Requires facilitators to waive rescission fees and return any loan origination fees if a loan is rescinded, though they may retain fees for bank account establishment and administration
  • Establishes penalties of up to $500 in fines or up to 93 days imprisonment for violations, and preempts all local regulations on refund anticipation loans

Legislative Description

Consumer credit; other; tax refund anticipation loans; prohibit certain practices and create remedies and penalties. Creates new act. TIE BAR WITH: HB 4166'09

Consumer protection, unfair trade practices

Last Action

Assigned Pa 67'09 With Immediate Effect

7/14/2009

Committee Referrals

Banking & Financial Institutions3/25/2009
Banking And Financial Services3/17/2009

Full Bill Text

No bill text available