Terms Used In Virginia Code > Title 6.2 > Subtitle IV > Chapter 25 - Refund Anticipation Loans

• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Applicant: means a customer who applies for a refund anticipation loan through a facilitator. See Virginia Code 6.2-2500
• Borrower: means an applicant who receives a refund anticipation loan through a facilitator. See Virginia Code 6.2-2500
• Chief: means the Chief of the Division of Mines of the Department of Energy. See Virginia Code 45.2-100
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Customer: means an individual for whom tax preparation services are performed. See Virginia Code 6.2-2500
• 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. See Virginia Code 6.2-2500
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• 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. See Virginia Code 6.2-2500
• Refund anticipation loan fee: means any fee, charge, or other consideration imposed by a lender or a facilitator for a refund anticipation loan. See Virginia Code 6.2-2500
• 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 (Virginia Code 6.2-2500
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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. See Virginia Code 6.2-2500
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}