Texas 2015 - 84th Regular

Texas House Bill HB322 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	84R2965 CLG-D
2	2	By: Farias H.B. No. 322
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the regulation of persons who facilitate the issuance
8	8	of tax refund anticipation checks.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. The heading to Chapter 352, Finance Code, is
11	11	amended to read as follows:
12	12	CHAPTER 352. TAX REFUND ANTICIPATION LOANS AND TAX REFUND
13	13	ANTICIPATION CHECKS
14	14	SECTION 2. Section 352.001, Finance Code, is amended by
15	15	adding Subdivisions (1-a) and (3-a) and amending Subdivision (2) to
16	16	read as follows:
17	17	(1-a) "Consumer" means an individual who applies for or
18	18	receives the proceeds of a refund anticipation check.
19	19	(2) "Facilitator" means a person who processes,
20	20	receives, or accepts for delivery an application for a refund
21	21	anticipation loan or a refund anticipation check, delivers a check
22	22	in payment of refund anticipation loan proceeds, or in any other
23	23	manner acts to allow the making of a refund anticipation loan or the
24	24	issuance of a refund anticipation check.
25	25	(3-a) "Refund anticipation check" means a check, stored
26	26	value card, or other payment mechanism:
27	27	(A) that represents the proceeds of the
28	28	consumer's tax refund;
29	29	(B) that is issued by a depository institution or
30	30	other person who receives a direct deposit of the consumer's tax
31	31	refund or tax credits; and
32	32	(C) for which the consumer pays a fee or other
33	33	consideration.
34	34	SECTION 3. Section 352.002(b), Finance Code, is amended to
35	35	read as follows:
36	36	(b) This section does not apply to:
37	37	(1) a bank, thrift, savings association, industrial
38	38	bank, or credit union operating under the laws of the United States
39	39	or this state;
40	40	(2) an affiliate that is a servicer of a person
41	41	described by Subdivision (1) operating under the name of that
42	42	person; or
43	43	(3) any person who acts solely as an intermediary and
44	44	does not interact directly with a taxpayer in the making of the
45	45	refund anticipation loan or issuance of a refund anticipation
46	46	check.
47	47	SECTION 4. Section 352.003(a), Finance Code, is amended to
48	48	read as follows:
49	49	(a) To register as a facilitator, a person must provide to
50	50	the commissioner, on or before December 31 preceding each calendar
51	51	year in which the person seeks to act as a facilitator:
52	52	(1) a list of each location in this state at which
53	53	e-file providers authorized by the Internal Revenue Service file
54	54	tax returns on behalf of borrowers for whom the facilitator acts to
55	55	allow the making of a refund anticipation loan or acts to facilitate
56	56	the issuance of a refund anticipation check; and
57	57	(2) a processing fee for each location included on the
58	58	list furnished under Subdivision (1).
59	59	SECTION 5. The heading to Section 352.004, Finance Code, is
60	60	amended to read as follows:
61	61	Sec. 352.004. DISCLOSURE REQUIREMENTS FOR REFUND
62	62	ANTICIPATION LOANS.
63	63	SECTION 6. Chapter 352, Finance Code, is amended by adding
64	64	Section 352.0041 to read as follows:
65	65	Sec. 352.0041. DISCLOSURE REQUIREMENTS FOR REFUND
66	66	ANTICIPATION CHECKS. (a) A facilitator to which Section 352.002
67	67	applies shall discuss with and clearly disclose to a consumer:
68	68	(1) the refund anticipation check fee schedule;
69	69	(2) a written statement disclosing:
70	70	(A) that the taxpayer may file an income tax
71	71	return electronically without applying for a refund anticipation
72	72	check;
73	73	(B) the average time, as published by the
74	74	Internal Revenue Service, within which a taxpayer can expect to
75	75	receive a refund for an income tax return filed electronically and
76	76	within which the refund is:
77	77	(i) deposited directly into the taxpayer's
78	78	bank account; or
79	79	(ii) mailed to the taxpayer; and
80	80	(C) that the Internal Revenue Service does not
81	81	guarantee payment of the full amount of the anticipated refund;
82	82	and
83	83	(3) the estimated total fees for the check.
84	84	(b) A refund anticipation check fee schedule required by
85	85	Subsection (a)(1) must be a listing or table of fees charged for the
86	86	issuance of a refund anticipation check. The schedule shall:
87	87	(1) list separately each fee imposed related to the
88	88	issuance of a refund anticipation check; and
89	89	(2) list the total amount of fees imposed related to
90	90	the issuance of a refund anticipation check.
91	91	(c) A facilitator who advertises or markets refund
92	92	anticipation checks in Spanish shall offer any consumer the option
93	93	of receiving a Spanish-language printed disclosure and
94	94	contract. A facilitator who negotiates a refund anticipation
95	95	check with a consumer in Spanish shall offer that consumer the
96	96	option of receiving a Spanish-language printed disclosure and
97	97	contract.
98	98	SECTION 7. Section 352.008, Finance Code, is amended to
99	99	read as follows:
100	100	Sec. 352.008. PREEMPTION OF LOCAL ORDINANCE. This chapter
101	101	preempts a local ordinance or rule regulating refund anticipation
102	102	loans or refund anticipation checks.
103	103	SECTION 8. This Act takes effect January 1, 2016.