CODE OF VIRGINIA

DEFINITIONS (§ 6.2-2500)

As used in this chapter, unless the context requires a different
meaning:”Applicant” means a customer who applies for a refund
anticipation loan through a facilitator.”Borrower” means an
applicant who receives a refund anticipation loan through a
facilitator.”Customer” means an individual for whom tax preparation
services are performed.”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.
“Facilitator” does not include a bank, thrift, savings association,
industrial bank, or credit union, operating under the laws of the United States
or the Commonwealth, an affiliate that is a servicer for such an entity, or any
person who acts solely as an intermediary and does not deal with an applicant in
the making of the refund anticipation loan.”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.”Refund anticipation loan fee” means any fee, charge, or other
consideration imposed by a lender or a facilitator for a refund anticipation
loan. The term does not include any fee, charge, or other consideration usually
imposed by a facilitator in the ordinary course of business for nonloan
services, such as fees for preparing tax returns and fees for the electronic
filing of tax returns.”Refund anticipation loan fee schedule” means
a list or table of refund anticipation loan fees that (i) includes three or more
representative refund anticipation loan amounts; (ii) lists separately each fee
or charge imposed, as well as a total of all fees imposed, related to the making
of a refund anticipation loan; and (iii) includes, for each representative loan
amount, the estimated annual percentage rate calculated under the guidelines
established by the federal Truth in Lending Act (15 U.S.C. § 1601 et
seq.).”Tax return” means a return, declaration, statement, refund
claim, or other document required to be made or filed in connection with state
or federal income taxes.

HISTORY: 2006, c. 399, § 6.1-474; 2010, c. 794.