An Act To Promote Consumer Fairness in Tax Refund Anticipation Loans
Sec. 1. 9-A MRSA §8-106, sub-§6, as enacted by PL 1991, c. 330, §2, is amended to read:
Sec. 2. 9-A MRSA §10-102, sub-§1, ¶A, as amended by PL 2005, c. 274, §4, is further amended to read:
(1) Improving a consumer's credit record, history or rating;
(2) Arranging for or obtaining an extension of credit for a consumer; or
(3) Providing advice or assistance to a consumer with respect to subparagraph (1) or (2).
"Loan broker" also means any person who serves as a facilitator of a refund anticipation loan or refund anticipation check, whether or not in return for the separate payment of money or other valuable consideration.
Sec. 3. 9-A MRSA §10-102, sub-§2-A is enacted to read:
If there is no 3rd-party facilitator of a refund anticipation loan or refund anticipation check because a creditor directly solicits the execution of, receives or accepts application or agreement for a refund anticipation loan or refund anticipation check, that creditor is considered a facilitator of a refund anticipation loan or refund anticipation check for purposes of this subsection. For purposes of this subsection, "creditor" means any person who makes a refund anticipation loan or who takes assignment of a refund anticipation loan.
Sec. 4. 9-A MRSA §10-102, sub-§4 is enacted to read:
Sec. 5. 9-A MRSA §10-102, sub-§5 is enacted to read:
Sec. 6. 9-A MRSA §10-102, sub-§6 is enacted to read:
Sec. 7. 9-A MRSA §10-102, sub-§7 is enacted to read:
Sec. 8. 9-A MRSA §10-202, as amended by PL 2005, c. 274, §6, is further amended to read:
§ 10-202. Bond
Each application must be accompanied by evidence of a surety bond, in a form approved by the administrator in the aggregate amount of $25,000, to run to the State for use by the State and any person or persons who may have a cause of action against a loan broker. Notwithstanding this section, the aggregate amount of a surety bond accompanying the application of a loan broker conducting business solely as a facilitator of a refund anticipation loan or refund anticipation check must be $10,000. The terms of the bond must run concurrent with the period of time during which the license is in effect.
Sec. 9. 9-A MRSA §10-310 is enacted to read:
§ 10-310. Requirements related to refund anticipation loan and refund anticipation check
(1) A hold-harmless clause;
(2) A confession-of-judgment clause;
(3) A waiver of the right to a jury trial in any action;
(4) Any assignment of or order for payment of wages or other compensation for services;
(5) An agreement that the consumer will not assert any claim or defense arising out of the contract or seek any remedies pursuant to this Title;
(6) A waiver of any requirement of this Article;
(7) A waiver of the right to injunctive, declaratory or other equitable relief or relief on a classwide basis; or
(8) A requirement that any aspect of a resolution of a dispute between the parties to the agreement be kept confidential.