§ 7.26.020. Definitions.

As used in this chapter

A.

"Assisted direct deposit" or "ADD" means a mechanism or agreement through which a taxpayer's refund is deposited in a bank account other than the taxpayer's, and then the remaining portion of the refund, minus fees to the facilitator and the lender, is deposited in the taxpayer's own account.

B.

"Bank Product" means a RAL, RAC, ADD, or other similar mechanism, agreement, or transaction that allows a taxpayer to receive an income tax refund or a loan against an anticipated refund from an entity other than the IRS, and/or allows the facilitator to collect fees for its non-Bank Product services or products, Bank Product Fees, and other similar fees from the proceeds of the taxpayer's income tax refund.

C.

"Bank Product Fee" means all charges, fees, or other consideration charged or imposed by the facilitator and the lender for the making of or in connection with a Bank Product, and includes (i) any charge, fee, or other consideration for a deposit account used for receipt of the taxpayer's tax refund; (ii) processing or administrative fees for Bank Products that are not charged to taxpayers who receive their refunds directly from the IRS via mail or direct deposit to the taxpayer's bank account; and (iii) in the case of a RAL, the charges, fees or other consideration charged or imposed by the lender for making the loan. This term does not include any charge, fee, or other consideration usually charged or imposed by the facilitator in the ordinary course of business, such as fees for tax return preparation and fees for electronic filing of tax returns, if the same fees in the same amount are charged to the facilitator's customers who do not use Bank Products.

D.

"Disclosure" means complete and accurate information, presented in a clear, concise, and understandable manner in all written and oral notices, documents, and explanations required under this chapter.

E.

"Facilitator" means a person, partnership, corporation or other business entity that, for compensation from a taxpayer or any other person, assists the taxpayer in applying for or obtaining a Bank Product. The term does not include a lender that provides a Bank Product, a servicer for the lender that operates under the lender's name or any person who does not have direct contact with a borrower in connection with applying for or obtaining a Bank Product.

F.

"Refund anticipation loan" or "RAL" means any loan a taxpayer may receive against his or her anticipated income tax refund.

G.

"Refund anticipation check" or "RAC" means a check or other payment mechanism: (i) representing proceeds of the taxpayer's tax refund; (ii) which was issued by a depository institution or other person that received a direct deposit of the taxpayer's tax refund; and (iii) for which the taxpayer has paid a fee or other consideration.

H.

"RAL Annual Percentage Rate" or "APR" is the annualized interest rate for the RAL as determined in accordance with the federal Truth in Lending Act.

I.

"Taxpayer" means any natural person who, singly or jointly with another natural person, is solicited for, receives information about, applies for, and/or receives the proceeds of a Bank Product.

(Ord. 121594 § 1, 2004.)