Section 1.355. Refund anticipation loan; estimated annual percentage rate.

 

(1)  For the purpose of s. 422.310 (1) (h) , Stats., the requirement to disclose the estimated annual percentage rate shall be fulfilled by doing one of the following:

(a) Calculating the rate pursuant to 12 CFR 226.17 (c) (2) for the anticipated amount of the refund and the length of time within which it can reasonably be expected the tax refund will be received as a result of an electronically filed tax return as determined under s. DFI-WCA 1.354 .

(b) Distributing a chart titled "representative range of loan amounts" with headings for: total loan amount, amount financed, finance charge, estimated payment period, and annual percentage rate. The representative loan amounts shall be in $300 increments starting with $300 and ending with $3,000 and represent the anticipated refund amount.

(2)  The disclosures shall be made in accordance with 12 CFR 226.18 .

(3)  For the purpose of calculating the annual percentage rate at the time the loan is actually made, the disclosure shall be based upon the actual amount of the loan and the length of time within which it can reasonably be expected the tax refund will be received as a result of the electronically filed tax return as determined under s. DFI-WCA 1.354 .

Cr. Register, September, 1994, No. 465 , eff. 10-1-94.