Tennessee Code 62-29-203 – Rescission of loan
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 62-29-203
- Borrower: means an applicant who receives a refund anticipation loan through a facilitator. See Tennessee Code 62-29-201
- Customer: means an individual for whom tax preparation services are performed. See Tennessee Code 62-29-201
- Facilitator: means a person who receives or accepts for delivery an application for a refund anticipation loan, delivers a check in payment of refund anticipation loan proceeds or in any other manner acts to allow the making of a refund anticipation loan. See Tennessee Code 62-29-201
- Refund anticipation loan: means a loan, whether provided through a facilitator or by another entity such as a financial institution, in anticipation of and whose payment is secured by a customer's federal or state income tax refund, or by both. See Tennessee Code 62-29-201
- Refund anticipation loan fee: means any fee, charge or other consideration imposed by a lender or a facilitator for a refund anticipation loan. See Tennessee Code 62-29-201
A borrower who obtains a refund anticipation loan may rescind the loan on or before the close of business on the next day of business, by either returning the original check issued for the loan or providing the amount of the loan in cash to the lender or the facilitator. The facilitator may not charge the borrower a fee for rescinding the loan or a refund anticipation loan fee if the loan is rescinded. For the purpose of establishing or maintaining an account to electronically receive and distribute the refund, a customer may be charged a fee by a federally insured depository institution.