Arkansas § 4-116-102 - Definitions.

§ 4-116-102. Definitions.

“Consumer” means a person who, individually or in conjunction with another consumer, is solicited for, applies for, or receives a refund anticipation loan or refund anticipation check; “Creditor” means a person who makes a refund anticipation loan or who takes an assignment of a refund anticipation loan; “Facilitator” means a person who, individually or in conjunction or cooperation with another person: Processes, receives, or accepts an application or agreement for a refund anticipation loan or refund anticipation check; Services or collects upon a refund anticipation loan or refund anticipation check; or Facilitates the making of a refund anticipation loan or refund anticipation check. “Facilitator” does not include a bank, savings and loan association, credit union, or person who acts solely as an intermediary and does not deal with the public in the making of a refund anticipation loan or refund anticipation check; “Refund anticipation check” means a check, stored value card, or other payment mechanism, representing the proceeds of the consumer's tax refund, which was issued by a depository institution or other person that received a direct deposit of the consumer's tax refund or tax credit and for which the consumer has paid a fee or other consideration for such payment mechanism. “Refund anticipation loan” means a loan arranged to be paid directly or indirectly from the proceeds of the consumer's income tax refund or tax credits. “Refund anticipation loan” includes any sale, assignment, or purchase of a consumer's tax refund at a discount or for a fee, whether or not the consumer is required to repay the buyer or assignee if the Internal Revenue Service denies or reduces the consumer's tax refund; “Refund anticipation loan fee” means any charges, fees, or other consideration charged or imposed directly or indirectly for the making of or in connection with a refund anticipation loan. “Refund anticipation loan fee” includes a charge, fee, or other consideration for a deposit account if the deposit account is used for receipt of the consumer's tax refund to repay the amount owed on the loan; and