NY A02743

Adds Banking Law Section 46 to regulate refund anticipation loans (loans paid directly from income tax refunds) by establishing definitions for borrowers, facilitators, and related fees.

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

Restricts refund anticipation loans to locations where tax preparation is the principal business and mandates disclosure documents be available in English, Spanish, and any other language spoken by more than 5% of the local population.

Caps interest rates at 60% annually for the first 21 days of the loan and 20% annually thereafter.

Establishes civil penalties of up to $500 per violation assessed by the Banking Superintendent, plus triple damages and attorney's fees recoverable by borrowers or the Attorney General in civil actions for violations.