NY A01663

Establishes regulation of refund anticipation loans (RALs) by requiring facilitators to provide borrowers with separate written disclosure documents at application time, including estimated fees, annual percentage rate, total cost, processing timeline, and information about electronic filing alternatives.

Caps interest rates for RALs at 60% annual percentage rate for the first 21 days and 20% annual percentage rate thereafter.

Restricts RAL facilitation to locations where tax preparation is the principal business and requires all disclosure documents be provided in English, Spanish, and any other language spoken by more than 5% of the local population.

Prohibits facilitators from requiring clients to obtain a loan to complete tax returns, misrepresenting loan terms, failing to process applications promptly, or engaging in fraudulent transactions.

Imposes civil penalties of up to $500 per violation assessed by the Superintendent, and allows borrowers to recover three times the loan fee plus attorney's fees in civil actions for violations.