New Jersey § 17:11d-3

§ 17:11d-3.

a. Any tax preparer offering, facilitating, or making refund anticipation loans shall

comply with the provisions of the “New Jersey Consumer Finance Licensing Act,” sections 1 through 49 of P.L.1996, c. 157 ( C.17:11C-1 et seq. ), N.J.S.2C:21-19 , and R.S.31:1-1 et seq. The interest rate for any loan shall include any rate, fee, charge, consideration,

or other thing of value received or retained by, or credited to, the lender, directly

or indirectly, for the loan or forbearance. b. At the time a tax preparer offers or facilitates a refund anticipation loan to

the client, the tax preparer shall provide, and verbally explain, to the client the

following statement, to be printed in at least 14-point type: NOTICE TO BORROWER THIS IS A LOAN. THE ANNUAL PERCENTAGE RATE (APR), BASED ON THE ESTIMATED PAYMENT PERIOD IS (fill

in estimated APR). YOUR TAX REFUND WILL BE USED TO REPAY THE LOAN. AS A RESULT, THE AMOUNT OF YOUR REFUND WILL BE REDUCED BY (fill in the dollar

amount) FOR FEES, INTEREST AND OTHER CHARGES. AS AN ALTERNATIVE TO THIS LOAN, YOU CAN RECEIVE YOUR FULL REFUND IN APPROXIMATELY

TWO WEEKS IF YOU FILE YOUR RETURN ELECTRONICALLY AND THE INTERNAL REVENUE SERVICE

WILL SEND YOUR FULL REFUND TO YOUR BANK ACCOUNT. c. If, under the terms of the refund anticipation loan, the client is subject to additional

interest when a refund is delayed, the following statement shall also be included

in the notice: IF YOU CHOOSE TO TAKE THIS LOAN AND YOUR REFUND IS DELAYED, YOU MAY HAVE TO PAY ADDITIONAL

INTEREST. d. A tax preparer may use an alternative disclosure in lieu of the disclosure set

forth in subsections b. and c. provided that: (1) the information provided to the taxpayer in the alternative disclosure includes

information substantially equivalent in scope and content to the specific language

set forth in subsections b. and c.; (2) the alternative disclosure includes a chart listing examples of the refund anticipation

loan fees and Annual Percentage Rates, calculated using the guidelines established

under the federal Truth in Lending Act, title I of Pub.L.90-321 ( 15 U.S.C.s.1601 et seq. ), for loans of at least three different representative loan amounts; and (3) the alternative disclosure includes a chart listing the estimated timelines for

the delivery of funds to the taxpayer under various delivery methods, including Internal

Revenue Service mailed check, Internal Revenue Service direct deposit into a taxpayer's

preexisting bank account, and through a refund anticipation loan.