Section 20-741.1. Refund anticipation loans

1.  Any  tax  preparer  who
  advertises the availability  of  a  refund  anticipation  loan  may  not
  directly   or  indirectly  represent  such  a  loan  as  a  refund.  Any
  advertisement which mentions  a  refund  anticipation  loan  must  state
  conspicuously  that  it  is  a  loan  and that a fee or interest will be
  charged by the lending institution. The advertisement must also disclose
  the name of the lending institution.
    2. Before any taxpayer enters into a refund anticipation loan, the tax
  preparer facilitating such loan shall provide the  following  disclosure
  to the taxpayer in writing, in English and Spanish, in at least 14-point
  type.  In  the  event  that  the taxpayer does not understand English or
  Spanish, the tax preparer  shall  also  provide  a  point-by-point  oral
  explanation   of   the  following  required  disclosure  in  a  language
  understood by the tax payer:
    . YOU ARE NOT REQUIRED TO ENTER INTO  THIS  REFUND  ANTICIPATION  LOAN
  AGREEMENT MERELY BECAUSE YOU HAVE RECEIVED THIS INFORMATION.
    .  IF  YOU DO SIGN A CONTRACT FOR A REFUND ANTICIPATION LOAN, YOU WILL
  BE TAKING OUT A LOAN. YOU WILL  BE  RESPONSIBLE  FOR  REPAYMENT  OF  THE
  ENTIRE  LOAN  AMOUNT  AND  ALL RELATED COSTS AND FEES, REGARDLESS OF HOW
  MUCH MONEY YOU ACTUALLY RECEIVE IN YOUR TAX REFUND.
    . IF YOU DO NOT TAKE  OUT  THIS  REFUND  ANTICIPATION  LOAN,  YOU  ARE
  ELIGIBLE  TO  RECEIVE  A  GROSS  TAX  REFUND  OF APPROXIMATELY $ (insert
  amount).
    . IF YOU DO TAKE OUT  THIS  REFUND  ANTICIPATION  LOAN,  YOU  WILL  BE
  RESPONSIBLE  TO  PAY $ (insert amount) IN FEES FOR THE LOAN. AFTER THESE
  FEES ARE PAID, YOU WILL RECEIVE APPROXIMATELY $ (insert amount) AS  YOUR
  LOAN.
    .  THE  ESTIMATED  ANNUAL  PERCENTAGE RATE OF YOUR REFUND ANTICIPATION
  LOAN IS (insert amount) %. THIS IS BASED ON THE ACTUAL  AMOUNT  OF  TIME
  YOU WILL BE LENT MONEY THROUGH THIS REFUND ANTICIPATION LOAN.
    .  IF YOU DO TAKE OUT THIS REFUND ANTICIPATION LOAN, YOU CAN EXPECT TO
  RECEIVE YOUR LOAN WITHIN APPROXIMATELY  TWO  BUSINESS  DAYS  OF  (insert
  date).
    .  IF YOU DO NOT TAKE OUT THIS REFUND ANTICIPATION LOAN, YOU CAN STILL
  RECEIVE  YOUR  TAX  REFUND  QUICKLY.  IF  YOU  FILE  YOUR   TAX   RETURN
  ELECTRONICALLY  AND  RECEIVE  YOUR  TAX REFUND THROUGH THE MAIL, YOU CAN
  EXPECT TO RECEIVE YOUR REFUND WITHIN APPROXIMATELY TWO BUSINESS DAYS  OF
  (insert date).  IF YOU FILE YOUR TAX RETURN ELECTRONICALLY AND HAVE YOUR
  TAX  REFUND  DIRECTLY  DEPOSITED  INTO A BANK ACCOUNT, YOU CAN EXPECT TO
  RECEIVE YOUR REFUND WITHIN APPROXIMATELY TWO BUSINESS  DAYS  OF  (insert
  date).
    It  shall  be  the  obligation  of  the  tax  preparer to complete the
  required disclosure accurately with all relevant  information  for  each
  taxpayer,  to  provide the required point-by-point oral explanation when
  necessary, and to ensure that the completed disclosure form is signed by
  the taxpayer before he or she enters into a refund anticipation loan.