NY A07885

Adds new section 46 to the New York Banking Law establishing regulations for refund anticipation loans (loans paid directly from income tax refunds)

Requires facilitators to provide borrowers with separate written disclosures including the tax return preparation fee, loan fee schedule, annual percentage rate, estimated total cost, and expected disbursement timeframe

Caps interest rates at 60% per annum for the first 21 days and 20% per annum thereafter for refund anticipation loans

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

Imposes civil penalties of up to $500 per violation by the superintendent and allows borrowers to sue for damages equal to three times the loan fee plus attorney's fees for violations of the law