North Carolina General Statutes 53-250. Prohibited activities
A facilitator of a refund anticipation loan may not engage in any of the following activities:
(1) Misrepresenting a material factor or condition of a refund anticipation loan.
Terms Used In North Carolina General Statutes 53-250
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Fraud: Intentional deception resulting in injury to another.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(2) Failing to arrange for a refund anticipation loan promptly after the debtor applies for the loan.
(3) Engaging in any transaction, practice, or course of business that operates a fraud upon any person in connection with a refund anticipation loan.
(4) Facilitating a refund anticipation loan for which the refund anticipation loan fee is (i) different from the fee posted or the fee filed with the Commissioner or (ii) in an amount that the Commissioner has notified the facilitator is unconscionable.
(5) Directly or indirectly arranging for payment of any portion of the refund anticipation loan for check cashing, credit insurance, or any other good or service unrelated to (i) preparing and filing tax returns or (ii) facilitating refund anticipation loans.
(6) Arranging for a creditor to take a security interest in any property of the debtor other than the proceeds of the debtor’s tax refund to secure payment of the loan. (1989 (Reg. Sess., 1990), c. 881, s. 2.)