Michigan Laws 446.117 – Information to be disclosed before entering agreement
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 446.117
- Facilitator: means a person that individually or in conjunction or cooperation with another person processes, receives, or accepts for delivery an application for a refund anticipation loan or a check in payment of refund anticipation loan proceeds or in any other manner materially facilitates the making of a refund anticipation loan. See Michigan Laws 446.113
- Refund anticipation loan: means an extension of credit to a taxpayer that a person arranges to be repaid directly from the proceeds of the taxpayer's federal or state personal income tax refund. See Michigan Laws 446.113
- Taxpayer: means an individual who files a federal or Michigan personal income tax return. See Michigan Laws 446.113
Before entering into a refund anticipation loan agreement, the facilitator shall clearly disclose both of the following to the taxpayer:
(a) The estimated total fees for the refund anticipation loan.
(b) The estimated annual percentage rate for the refund anticipation loan.