NY A04710

Adds new section 46 to New York Banking Law to regulate refund anticipation loans made by facilitators (tax preparers and similar entities).

Requires facilitators to provide borrowers with a separate disclosure document at loan application containing estimated tax preparation fees, loan fee schedule, annual percentage rate, total cost, expected payment timeline, repayment obligation notice, and information about electronic filing alternatives.

Limits refund anticipation loans to locations where tax preparation is the principal business and requires all disclosure documents in English, Spanish, and any other language spoken by more than 5 percent of the local population.

Caps interest rates at 60 percent per annum for the first 21 days and 20 percent per annum thereafter.

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