SUBCHAPTER 03J ‑ REFUND ANTICIPATION LOAN

 

SECTION .0100 ‑ ADMINISTRATIVE

 

04 NCAC 03J .0101           DEFINITIONS; FILINGS

(a)  As used in this Subchapter, unless the context clearly requires otherwise:

(1)           "Applicant" shall have the same meaning as set forth in G.S. 53-246(1).

(2)           "Commission" shall have the same meaning as set forth in G.S. 53-246(2).

(3)           "Commissioner" shall have the same meaning as set forth in G.S. 53-246(3).

(4)           "Controlling person" shall mean any person as defined in G.S. 53-246(7) who owns or holds with the power to vote 10% or more of the equity securities of the registrant, or who has the power to direct the management and policy of the registrant.

(5)           "Creditor" shall have the same meaning as set forth in G.S. 53-246(4).

(6)           "Creditor fee" shall mean the fee imposed by the creditor which funds the refund anticipation loan in consideration for funding the refund anticipation loan.

(7)           "Debtor" shall have the same meaning as set forth in G.S. 53-246(5).

(8)           "Electronic filing fee" shall mean the fee imposed by the facilitator in consideration for the electronic filing of a tax return.

(9)           "Executive officer" shall have the same meaning as such term is defined in Regulation "O" promulgated by the Board of Governors of the Federal Reserve System, and codified in the Code of Federal Regulations at Title 12, Chapter II, Part 215.

(10)         "Facilitator" shall have the same meaning as set forth in G.S. 53-246(6).

(11)         "Facilitator loan fee" shall mean the fee imposed by the facilitator in consideration for assisting the debtor in obtaining the refund anticipation loan.

(12)         "Income tax return preparation fee" shall mean the fee imposed by a person in consideration for preparation of the debtor's tax returns.

(13)         "Loan-related fee" shall mean any fee other than a creditor fee, facilitator loan fee or electronic filing fee paid by the debtor for transmittal to third persons who provide services in connection with the refund anticipation loan.

(14)         "Person" shall have the same meaning as set forth in G.S. 53-246(7).

(15)         "Refund anticipation loan" shall have the same meaning as set forth in G.S. 53-246(8).

(16)         "Refund Anticipation Loan Act" shall mean the Refund Anticipation Loan Act codified at Chapter 53, Article 20 of the North Carolina General Statutes (G.S. 53-245, et seq.).

(17)         "Refund anticipation loan fee" shall have the same meaning as set forth in G.S. 53-246(9) and shall include a creditor fee, facilitator loan fee, and loan-related fee as defined herein.

(18)         "Registrant" shall have the same meaning as set forth in G.S. 53-246(10).

(19)         "Transmitter" shall mean any person as defined herein who transmits electronic returns directly to the Internal Revenue Service.  This term shall include persons who receive information to be reformatted and transmitted to the Internal Revenue Service, i.e., third-party transmitters.

(b)  An application for registration or any report, notice, form or other document which is required by law or rule to be filed with the Commissioner shall be addressed as follows:

Office of the Commissioner of Banks

4309 Mail Service Center

Raleigh, North Carolina  27699-4309.

 

History Note:        Authority G.S. 53-245; 53-246; 53-248; 53-253; 150B-21.2;

Eff. September 1, 1993;

Amended Eff. September 1, 2006.